麥格理:恢復對友邦(1299.HK)中性評級 目標價85港元
麥格理髮表研究報吿表示,友邦保險(1299.HK)的地域多元化的業務組合,受相關政策影響較小,,同時看到來自香港和其他東盟市場的增長。該行恢復對友邦“中性”評級,及目標價85港元。
報吿指,友邦保險業務組合地域多元化長期利好。儘管上半年受社交隔離措施影響,友邦保險新業務價值全面增長強勁,預計由於東盟地區及的內地一些城市受變種病毒的影響,下半年新業務價值表現較弱。然而預計今年首年保單保費(APE)增長將恢復至 10%,並在2022和2023年加速至 18-19%;中國、香港和越南等市場是主要的增長動力,期待2022年內地香港邊境將重新開放。
報吿指,友邦保險專注中產階級和富裕的客户,聘請了高質人才作為代理人,其主要代理人可以銷售更多新業務價值利潤更高的保護產品。預計友邦保險的新業務價值利潤率具有彈性,因為它專注於一個市場。友邦保險對市場波動不太敏感,投資管理也比較保守,有超過71% 為固定收益資產,包括超過10年期的債券,因此對利率變化相對較不敏感,加上其投資債券風險偏好低。

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