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《大行報告》摩通:若內地減銀保手續費 料短期保險銷售不會受重大影響
摩根大通發表研究報告指,中國保險行業將面臨監管機構下調銀保手續費。雖然目前尚未有清晰執行時間表,但一旦發生,相信將會有複雜的監管變化。該行預期,屆時銀行保險管道的定價會更加合理,但短期銷售或會受壓。其次,降低佣金費用的提議或會阻礙保險公司透過銀行保險管道提供相對較高利潤的產品。該行根據今年上半年新壽險銷售總額中透過銀行保險管道的常規保單銷售來分析潛在的業務影響,認為這對於規模較小的參與者來說將會是一個更大的阻力。該行看好中國平安(02318.HK)和中國人壽(02628.HK),均予「增持」評級。 該行提到,歡迎內地減銀保手續費的政策,相信可能會減少行業的不當銷售,亦促使保險公司更重視開發代理商渠道,並預計短期保險銷售不會受到重大影響,因為監管似乎是針對銀行保險管道的高利潤常規產品,而這仍然是相對較小的部分。
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