招银国际：1H24保险企业中期业绩有望优于预期推荐买入中国太保(02601)、中国财险(02328)

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智通财经APP获悉，招银国际发布研究报告称，维持中国保险板块“优于大市”评级，推荐买入中国太保(02601)，目标价24.8港元，以及中国财险(02328)，目标价11.9港元。板块当前估值是高股息策略中潜在的价值洼地。该行认为随着险企负债端改革转型的成效持续显现，1H24险企的中期业绩有望在盈利、新业务价值和承保综合成本率等方面优于预期。招银国际主要观点如下：上市险企公布6月保费数据寿险保费在高...

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It is recommended to buy China Pacific Insurance (02601) and China Property & Casualty Insurance (02328)","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601601":1,"02601":1,"02328":1},"content_text":"智通财经APP获悉，招银国际发布研究报告称，维持中国保险板块“优于大市”评级，推荐买入中国太保(02601)，目标价24.8港元，以及中国财险(02328)，目标价11.9港元。板块当前估值是高股息策略中潜在的价值洼地。该行认为随着险企负债端改革转型的成效持续显现，1H24险企的中期业绩有望在盈利、新业务价值和承保综合成本率等方面优于预期。招银国际主要观点如下：上市险企公布6月保费数据寿险保费在高基数下增长势头优于年初预期，各家保费增速略有分化;财险保费收入增速下降，行业赔付率上行，车险增速放缓，或受6月新车销量下滑的影响;预计头部险企2Q24承保综合成本率(CoR)在费用率持续压降的背景下维持稳健。寿险保费增速分化、FYP结构持续改善。2Q24寿险老三家和6家港股上市险企的总保费收入同比+8.0%/+8.5%，相较于1Q24同比+1.1%/-0.5%大幅回暖，但保费收入增速略有分化。平安寿险及健康险业务(L&H)6月单月保费收入同比增长14.7%，得益于寿险和健康险业务延续5月保费收入的双位数增长，同比+16.2%/+19.7%(5月：+10.6%/+11.0%)，在老三家中表现最优，该行认为这得益于集团打造医康养生态，赋能主营业务的规模效应正逐步显现。新华6月保费收入实现近10个月以来首次转正，同比+3.2%至203亿元(5月：-6.2%)。国寿和太保受基数影响，增长回归低单位数至同比+3.2%/+2.3%，该行预计基数压力对销售的影响或将持续至7月底。人保寿险、阳光寿险6月保费收入同比+30.1%/+36.5%，维持高速增长。随着1H24上市险企保费数据的出炉，该行认为前6月寿险保费收入增长的韧性有望支撑险企1H24实现新业务价值中至高双位数的增长。财险赔付上行，车险增速受新车销量下滑放缓。上半年车险保费收入增速不及年初5%的预期，头部险企1H24车险保费收入同比增长近3%，其中2Q24中国财险/平安财险/太保财险保费收入同比+3.2%/+3.3%/+3.3%。该行认为这主要受：1)6月乘用车销量同比下滑2.3%至221万辆(5月:+1.2%)和2)报行合一下费用率持续压降，带动车险件均保费下行的共同影响。展望二季度，该行认为头部险企的承保综合成本率(CoR)有望在行业赔付率上升的情形下维持稳健。根据国家应急管理部门数据，1H24全国自然灾害所造成的直接经济损失达931.6亿元，为去年同期的3.28倍;头部险企有望以进一步压降费用率、风险事前预警和大数据精准定价等方式，调控赔付率上行对综合成本率的影响。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.26.2","shortVersion":"4.26.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2453012354"}

招银国际：1H24保险企业中期业绩有望优于预期 推荐买入中国太保(02601)、中国财险(02328)

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招银国际：1H24保险企业中期业绩有望优于预期推荐买入中国太保(02601)、中国财险(02328)