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大和:部分內險下半年新業務價值或見雙位數增長
格隆匯 09-02 16:12

大和發表研究報告指,中國保險企業上半年純利及新業務價值都稍為較預期弱。對於下半年,該行認為,在資產及負債方面都將會有正面因素推動一些企業的評級。行業首選為中國人壽(2628.HK)、新華保險(1336.HK)及友邦保險(1299.HK)。

大和表示,由於新冠肺炎疫情下,面對面會議等活動受限制,加上消費者的保守消費態度,保險企業的新業務或多或少都受到影響。受新業務價值利潤率下跌拖累,行業整體新業務價值按年下跌14%。該行強調,中國人壽、新華保險及友邦保險新業務價值在第二季錄得正增長,而中國平安(2318.HK)、中國太保(2601.HK)及中國太平(0966.HK)的新業務價值就按年下跌25%至44%。

在疫情及經濟漸趨穩定的情況下,該行估計行業的新業務價值將按年恢復增長11%。當中,在過去12個月內擴大代理團隊的公司,例如新華保險、友邦中國等,以及基數較低的企業,都將能表現優於大市,基數較低的企業下半年增長更或見雙位數。

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