交銀國際:新華保險(1336.HK)去年NBV增速遜預期 暫維持“買入”評級
交銀國際發佈報告稱,新華保險(1336.HK)去年純利增長83.8%;分紅率30%,保持穩定。公司去年的新業務價值(NBV)下降20%,增速顯著低於該行及預期市場預期的10%的下降幅度,去年上半年/下半年新業務價值率分別為收縮8.7%及收縮32.5%,新業務價值率30.3%,降17.6個百分點,超出預期。
該行表示,公司在保費結構上,其十年期以上新單、健康險長險新單佔比下降,而人力增長,增員收益已經充分體現。不過,公司淨投資收益率穩定,但總投資收益率低於預期。該行認為,新華過度偏重保費規模增長,而對保費結構和價值增長規模顯著弱化,暫維持“買入”評級。

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