惠譽:內地壽險商上半年盈利改善 償付能力維持韌性
評級機構惠譽發表報告,指本港上市內地壽險商上半年業績展現其持續追求長期價值增長,及去年下半年以來業務轉型深化的成效,將提升其利潤率及未來產生更穩定現金流。報告稱,六家公司的經營盈利(上市公司或其部分)今年上半年同比顯著改善,主要由於A股市場復甦。
惠譽稱,該等壽險商償付能力維持韌性,綜合償付率高於200%。該行料其業務結構優化及更有生產力的經銷團隊,將創造持續高價值業務增長,料屬該等壽險商在行業內競爭優勢的主要推手。
報告表示,上市壽險商上半年純利升介乎約50%至130%,主因投資資產增長帶來更高投資回報,縱使部分保險商利潤率下降。中國太保(02601.HK)、中國太平(00966.HK)及新華保險(01336.HK)利潤率下滑,源於新業務價值(VNB)倒退8%至10%。太平健康險新業務保費按年下滑,主因行業競爭加劇。太保新業務保費跌約3%,而其餘兩家持平。另一方面,國壽(02628.HK)、平安(02318.HK)及人保集團(01339.HK)錄VNB增長5%至26%,主因業務及渠道組合改善。
惠譽指出,上述六家壽險商上半年內含價值增長8%至14%。該行料持續產品策略及分銷生產力改善將強化其長期盈利能力及競爭力。
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