《大行報告》大和升財險(02328.HK)評級至「跑贏大市」 上調目標價至8.2元
大和發表報告指,中國財險(02328.HK)的車險的綜合成本率(CoR)按年穩定,非車險CoR目標為少於100%。該行將財險投資評級由「持有」上調至「跑贏大市」,將目標價由7.4元升至8.2元。由於略勝於預期的CoR,該行上調集團2023至2024財年的淨利潤5至6%。
該行表示,財險的目標是今年汽車保險CoR少於97%。管理層在其內部測試下指引,車險不釋放準備金,是因為集團認為,由於旅行活動或按年增加而導致索賠增加,反欺詐和索賠管理導致的索賠減少將抵銷約1個百分點的按年增長。
財險管理層表示年初至今索賠頻率已恢復到正常年份水平。管理層有信心長遠可實現高於GDP的增長。對於近期有關於最近全面放鬆對車險定價的管制,集團料定價下行空間有限。該行認為新車銷量是影響其保費增長的更重要因素。
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