《大行報告》花旗:中國平安(02318.HK)首季新業務價值高於預期 稅後營運溢利下跌負面
花旗發表研究報告指,中國平安(02318.HK)今年首季的業績好壞參半,其中賬面淨值按年增長9%,惟稅後營運溢利令人意外地下降3%。在28%的首年保費增長的支持下,2023年首季新業務價值按年增長9%至137億元人民幣,高於預期。該行給予集團目標價72元,評級「買入」。
該行估計,其代理渠道在今年第一季將出現好轉,新業務價值按年增長約2%,這是受惠於顯著的生產力提升,儘管首末代理人數按季進一步收縮9%至40.4萬人。然而,受科技、資產管理、人壽和健康領域的拖累,集團稅後營運溢利在今年第一季按年下降3%。另外,由於投資收益率提高,IFRS17變動下的淨利潤從2022年第一季的258億元人民幣按年增長49%至2023年同期的384億元人民幣。季內集團賬面價值按動增5%。季末壽險及財產險的核心償付能力比率按季分別下降4個百分點和6個百分點,至120%和172%。
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