大行評級|瑞銀:上調人保目標價至4.3港元 上調2025至27年稅後淨利潤預測
瑞銀髮表報告,將中國人民保險集團2025至2027年稅後淨利潤預測分別上調12%/13%/14%,以反映2024年業績及較預期強勁的2025年綜合成本率(CoR)指引,目標價由4.1港元上調至4.3港元,維持“中性”評級,因估值合理。該行指,去年集團承保獲利能力受到天災的影響,淨天災損失按年增31%,達到160億元(相較於五年平均的100億元),對CoR造成3.2個百分點的負面影響。人保CoR達98.8%,高於主要上市同業,部分原因是非履約費用分配的差異。公司指,計劃在2025年實現少於96%、約99%的汽車/非汽車CoR(相較於2024年的96.8%/101.9%)。此指引可能遠遠超出市場預期。
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