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交銀國際:料中國人壽(2628.HK)全年新業務價值降2% 維持中性評級
格隆匯 04-29 14:10

交銀國際發表趼究報吿表示,中國人壽(2628.HK)今年首季度實現歸母淨利潤按年增長67%,主要來自投資收益。新單保費和十年期以上期交保費按年顯著下降,主要因基數較高、開門紅競爭激烈、以及去年下半年以來代理人顯著下降。新業務價值(NBV)按年下降13%,估計新業務價值率按年小幅下降。該行將國壽目標價由19港元,下降至18.5港元,維持中性評級。

報吿指,當前壽險行業面臨較大轉型壓力,隊伍結構難以滿足市場需求,粗放式增長模式不可持續,但轉型方向尚不明確。國壽去年率先啟動開門紅,較好地應對疫情帶來的負面影響,但今年將面臨較高增長基數,同時代理人降幅超預期,預計全年NBV按年下降2%。

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