《大行報告》麥格理:若下調產品預定利率內險將受壓 重申中國平安(02318.HK)「跑輸大市」評級
麥格理發表研究報告指,近日有媒體報道指中國銀保監會計劃降低預定利率,若屬實,預期將損害消費者對保險產品的興趣,內險料將繼續受壓,保險公司可能不得不將普通保單保證回報率從3.5%下調至3%,相信任何的下調都可能會令內險新業務價值(VONB)惡化及投資回報下降。
麥格理重申對中國平安(02318.HK)的「跑輸大市」評級,認為潛在的VONB不利影響,將收窄中國平安與同業的估值差距,給予目標價38.2元。友邦保險(01299.HK)目標價則為98元,評級「跑贏大市」。
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