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花旗:予友邦保險(1299.HK)買入評級 目標價112港元

花旗發表研究報吿指,友邦保險(1299.HK)管理層指留意到香港在第五波疫情後,本地商業活動增加,抵港內地人士之保險業務是通過其澳門分行開展的,該業務對香港業務的新業務價值(VoNB)貢獻正在上升,值得關注的是,剔除澳門的貢獻,香港本地業務在今年首季度仍實現了正VoNB的按年增長,予目標價112港元及“買入”評級。

該行表示,管理層指出,由於新冠疫情的限制下,難以獲取新客户,尤其是在北京和上海,今年次季的保費組合溢價組合已轉向儲蓄型產品,這可能導致利潤率暫時惡化,但由於社交媒體及網絡招聘,其代理招募今年第一季度開始保持良好勢頭。

該行續指,在東盟市場方面,在變種病毒Omicron病例數量下降和政府放寬相關的防控政策後,業務迅速恢復勢頭。特別是,菲律賓和印度尼西亞首先受到Omicron浪潮的影響,並在重新開放後錄得穩健的業務復甦,其次是新加坡、馬來西亞和泰國,亦指VoNB將受益於利率上升,這得益於更高的利潤率和更強勁的產品需求。

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