《大行報告》瑞信:財險(02328.HK)及人保(01339.HK)第三季盈利或優於預期 現吸納機會
瑞信發表研究報告指,內險股第三季股價下跌24%,落後恆指同期表現約13個百分點,季內盈利表現方面財險較壽險理想。
該行預期,財險承保利潤可能會出乎意料地上行,由於疫情下出行量減少和自然災害賠付減少,預測中國人保(01339.HK)第三季汽車保險業務綜合成本率按季基本平穩,中國財險(02328.HK)第三季稅後淨利料增長超過50%。
瑞信料壽險第三季新業務銷售將反彈,按年增長逾10%,但利潤率或有所犧牲,而中國太保(02601.HK)料為唯一一家在第三季新業務價值實現增長的保險公司。
該行預期若中國逐步重新開放邊境防疫措施,則更看好壽險股,預期可受惠於經紀活動正常化、長期產品需求潛在復甦,以及A股市場或出現反彈,首選中國太保,主因其下半年新業務價值表現及股息有潛在上行空間;至於財險與人保第三季盈利或優於預期,認為現時為吸納機會。
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