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惠誉:内地寿险商上半年盈利改善 偿付能力维持韧性
阿思达克 09-16 11:33

评级机构惠誉发表报告,指本港上市内地寿险商上半年业绩展现其持续追求长期价值增长,及去年下半年以来业务转型深化的成效,将提升其利润率及未来产生更稳定现金流。报告称,六家公司的经营盈利(上市公司或其部分)今年上半年同比显着改善,主要由於A股市场复苏。

惠誉称,该等寿险商偿付能力维持韧性,综合偿付率高於200%。该行料其业务结构优化及更有生产力的经销团队,将创造持续高价值业务增长,料属该等寿险商在行业内竞争优势的主要推手。

报告表示,上市寿险商上半年纯利升介乎约50%至130%,主因投资资产增长带来更高投资回报,纵使部分保险商利润率下降。中国太保(02601.HK)、中国太平(00966.HK)及新华保险(01336.HK)利润率下滑,源於新业务价值(VNB)倒退8%至10%。太平健康险新业务保费按年下滑,主因行业竞争加剧。太保新业务保费跌约3%,而其余两家持平。另一方面,国寿(02628.HK)、平安(02318.HK)及人保集团(01339.HK)录VNB增长5%至26%,主因业务及渠道组合改善。

惠誉指出,上述六家寿险商上半年内含价值增长8%至14%。该行料持续产品策略及分销生产力改善将强化其长期盈利能力及竞争力。

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