《大行報告》野村上調財險(02328.HK)目標價至8.87元 評級「買入」
野村發表研究報告,指中國財險(02328.HK)自去年10月起保險保費收入重拾正增長,去年末季保費收入按年增17%,全年增3.8%,在汽車保險改革帶動下,去年末季汽車保險保費按年升8.9%,全年則跌3.9%。人身意外險業務重拾強勁增長動力,即使在線上保險監管收緊下,末季保費按年升57%,全年升22%。該行料財險2022及2023財年保費收入各升10%。
該行料財險車險綜合成本率去年進一步升至98%,今年料升至99%,高於去年首九個月的97.4%,符合行業整體趨勢。不過,就車險業務而言,該行料財險繼續錄得承保利潤,跑贏全行業普遍錄承保虧損。整體而言,該行料財險2022及2023財年各年綜合成本率分別99.3%及99.7%。
野村升財險目標價,由8.57元上調至8.87元,重申「買入」評級,並屬一般保險行業首選。
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