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研報掘金丨國投證券:中國人壽上半年總保費創歷史同期新高,維持“買入-A”評級

國投證券研報指出,中國人壽(601628.SH)2024H1實現保費收入4896億元(YoY+4.1%),創歷史新高。其中,個險新單期交保費同比+5.6%,個險上半年NBV為292.9億元(YoY+14.6%)。銀保渠道落實“報行合一”政策,銀保保費同比-19.9%。受益於產品結構調整和費用優化等,公司NBVM 得到有效提升,進而帶動NBV 同比+18.6%。受益於權益紅利板塊和債市上升,投資收益大幅提振。截至2024H1末,公司投資資產達6.09萬億元,較上年末+12.5%。受利率下行及權益市場紅利個股表現影響,2024H1公允價值變動損益同比大增446億元。該行給予0.8x2024年P/EV,對應6個月目標價為41.08元,維持買入-A投資評級。

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