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交銀國際:壽險復甦較緩慢 料上半年難有超預期表現
格隆匯 08-11 13:35

交銀國際發表中資保險行業報告指,上半年新單保費增速呈現分化,新業務價值率同比普遍下降,但預計國壽仍有望保持領先增速。

報告預計,上半年盈利同比下降,太保有望好於同業。從盈利增速來看,去年上半年有所得税退回一次性因素的影響,預計上市保險公司税前利潤普遍保持正的增長,但淨利潤受所得税影響同比下降。

行業估值在7月初經歷短暫大幅上升後持續下降,目前仍偏低。壽險負債端復甦較為緩慢,但資本市場向好趨勢有利於資產端投資表現。維持國壽(2628.HK)、平安(2318.HK)、太保(2601.HK)股買入評級,新華(1336.HK)已接近報告的目標價,將評級從買入下調至中性。

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