《大行報告》大和:友邦(01299.HK)去年新業務價值符預期 據悉友邦中國利潤率在兩渠道中均見改善
大和發表研究報告指,友邦(01299.HK)2023年度新業務價值為40.34億美元,按固定匯率(CER)計算上升33%,按實際匯率(AER)計算上升30%,符合該行預測,較市場預測高3%。CER計內涵價值按年下降2%,主要是由於投資差異及年內回購所致。另外受到一次性醫療索賠增加的影響,全年每股稅後經營利潤僅按年增長2%。
該行指出,全年新業務價值增長主要是由中國內地及香港業務雙雙驅動,分別增長20%及82%,全年計新業務價值利潤率按年下跌4.5個百分點至52.6%,但在更有利的產品組合及重新定價推動下,去年下半年新業務價值利潤率由上半年的50.8%顯著上升至54.5%。
大和指,友邦在中國代理和合作分銷兩大主要渠道的利潤率均錄得持續改善,得益於長期儲蓄業務產品組合的有利轉變及產品重新定價,中國新業務價值利潤率從去年上半年的50.3%提升至下半年的52.7%。香港去年新業務價值增長82%,則是源於內地訪港旅客(MCV)及本地業務均向好,。大和對友邦現時投資評級為「買入」。
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