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《大行》瑞銀: 友邦(01299.HK)增資中郵保險對償付能力影響微
瑞銀研究報告指,友邦保險(01299.HK)向中郵保險注資20億元人民幣(下同,約2.77億美元),並維持其25%的股權比例,有關交易由內部資源資付。額外投資分別佔友邦2024年自由盈餘和淨資產價值的2.2%及0.7%。瑞銀預期,上述注資對友邦償付能力的影響微乎其微,其財務靈活性依然強勁,相信將進一步加強友邦中國與郵儲銀行(01658.HK)(601658.SH)的銀行保險合作關係,將友邦目標價定為88元,予「買入」評級。 報告提及,據友邦表示,此次投資旨在促進未來盈利增長,以及提升中郵保險的資本狀況。在2020年至2024年間,中郵保險的新業務價值(VNB)和內含價值(EV)分別以52%和25%的年均複合增長率增長,部分得益於友邦在業務轉型上的支持(例如轉向長期儲蓄和保障產品)。2020年至2023年,中郵保險新業務價值利潤率上升13個百分點至19%,並在2024年銀行保險佣金結構調整後,進一步提高約4個百分點至23%(瑞銀估計)。上述數據已考慮到2023年至2024年經濟假設的下調。瑞銀表示,增資後,截至2025年3月,預計核心和綜合償付能力比率將分別為112%和177%(實際值為94%/159%)。
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