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麥格理:亞洲壽險銷售復甦需時 予友邦(1299.HK)“中性”評級
格隆匯 09-09 12:49

麥格理髮表研究報告指,亞洲壽險市場銷售復甦需要比預期長的時間,而且利潤率很高。該行予友邦保險(1299.HK)目標價76港元,評級為“中性”。

麥格理表示,保險企業的新業務前景很大程度依賴中國市場。整體而言,儘管行業已迅速將業務等程序轉為線上,但並非能完全解決問題。在代理人能再次進行面對面會議前,相信銷售及利潤都不會恢復。

該行認為,香港的銷售仍然疲弱,相信今年的封關措施將保持,銷售疲弱情況今年將會持續。不過,內地市場年初至今仍是最具彈性的市場之一,該行將第二季復甦的預測,推遲至今年下半年或之後。

該行指出,友邦在新業務及業務組合方面,都繼續取得優秀表現,並繼續具有更高的利率敏感性。該行認為,亞洲新興市場的人壽保險長期前景依然樂觀,而友邦及保誠是該地區的主要經營者,又認為友邦並無被高估,但仍會受新業務趨勢疫弱等不利影響,認為保誠的價值更為可觀

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