【券商聚焦】国信证券首予友邦保险(01299)“优于大市”评级估值具溢价空间

金吾财讯

Jun 17, 2025

金吾财讯 | 国信证券发布研报指，友邦保险(01299)作为深耕亚太市场的百年寿险公司，凭借其地区及产品优势，保持新业务价值的高速增长。公司新业务价值率维持高位，资产配置全球化分散风险，预计2025年至2027年每股内含价值(EVPS)为6.83/7.46/8.22美元，目标价为87.13至94.10港元，对应当前估值为1.82x至1.96x，仍有25%以上的上升空间。

友邦保险深耕亚太市场，业务覆盖18个国家及地区，新业务价值贡献率在中国内地及香港地区常年稳居50%以上。公司通过“最优秀代理”策略，构建高质量代理人队伍，2024年MDRT人数达4656人，居全球榜首。友邦保险在全球资产配置方面，通过分散投资降低单一市场风险，把握核心投资机遇。

财务方面，友邦保险2024年实现年化新保费收入86.06亿美元，归母净利润68.83亿美元，新业务价值47.12亿美元。预计2025年至2027年保险服务收入增速分别为10.3%/10.9%/10.3%，投资回报增速分别为9.9%/8.5%/8.9%。公司偿付能力充足率常年维持在360%以上，显著高于监管要求。

国信证券认为，友邦保险的估值相较于历史业务高增时期仍有较大提升空间，首次覆盖给予“优于大市”评级。公司受益于多元化区域优势，NBV保持较高增速，业务质量持续企稳。

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