野村:第二季寿险保费收入大增,内险行业正强劲复苏
野村发表研究报告指,中国保险业正从新冠肺炎的影响中强劲复苏,第二季的人寿寿险保费收入按年增长11%,财险的保费收入按年增长11%。该行认为,健康保险业务仍然是主要的增长动力,首5个月的保费增长率为20%,尤其是短期健康保险产品的增长率为40%,主要是由财险和在线保险业务推动。
野村指,由于高质量的保险业务,维持中国平安(2318.HK)作为长期持有的核心股份,并相信如果利率反弹,中国人寿(2628.HK)、新华保险(1336.HK)和中国太平(0966.HK)将有更好表现。
当中,野村认为,新华保险和中国人寿在总保费增长和新业务价值增长方面均领先于同行,预计国寿上半年的新业务价值增速较高,而首季的增速为8.3%,并且第二季和上半年的总保费增长率分别为14%和13%。
野村指,由于新冠肺炎的影响有限,预计人寿保险业务将进一步恢复,因为内地的疫情已基本得到控制。但是该行又认为,一旦全面的汽车改革开始,汽车保险费的增长可能会进一步放缓,这可能在今年之内发生。
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