大行評級 | 花旗:國壽首季新業務價值勝預期,目標價17.5港元
格隆匯4月28日丨花旗發表研報指,中國人壽(2628.HK)首季新業務價值(NBV)同比增8%,優於該行預期的2%速,管理層又指出,年初至今的NBV增速較首季期間再有加快,目標在今年餘下時間,集團的銷售額和NBV利潤率表現均有改善。報吿予“買入”評級,H股目標價17.5港元。報吿指,今年第一季代理人數量環比收縮0.9%至66.2萬,優於平保9%的跌幅;目標在今年保持穩定的代理規模,並持續提高生產力。在採用IFRS17和IFRS9後,國壽首季純利同比增長78%至273億元人民幣,增速快於中國平安和中國太保的49%和27%。按照舊會計準則,首季盈利同比增長18%至179億元人民幣。在全面實施CROSS-II後,首季末核心償付能力比率同比小幅上升4個百分點至148%的強勁水平。該股現報15.02港元,總市值4245億港元。

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