花旗发表报告，友邦保险(01299.HK) 公布2025年第一季度新业务价值超出预期，实现业务量增长与利润率扩张，并透露了更多债券及中国投资组合的细节。尽管中国业务假设变动带来阻力，友邦在2025年第一季度仍实现13%的新业务价值按年增长(按实际汇率/固定汇率计算)，高于花旗预估的7%按年增长(按固定汇率)。这一增长得益于年化新保费按年增长7%及新业务价值利润率(按实际汇率)按年扩张3.3个百分点。代理渠道新业务价值按年增长21%，合作伙伴渠道增长2%。按地区看，所有可报告分部在同等基础上均录得新业务价值按年正增长，其中泰国、新加坡和香港表现尤为强劲。新业务合约服务边际在2025年第一季度按年增幅加快至16%。
花旗对友邦一贯稳定的业绩表现及其在行业条件和宏观环境变化中的韧性印象深刻，今年预测股价对比每股内涵价值(P/EV)仅一倍，估值合理具吸引力。重申“买入”评级，目标价99元。(ad/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-29 16:25。)
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