“保险行业101”基础研究系列报告之三:如何理解人身险公司的估值?

申万宏源研究
27 Jun

内含价值估值法是保险公司的估值体系所特有的。人身险的盈利模式具有一定特殊性:1)先有收入,后有支出;2)保险合同具有长期性,保单盈利无法在当期利润表中体现,因此使用内含价值(EV)作为财务报表的补充。EV 由有效业务价值(VIF)及调整后净资产两部分组成,其中VIF 可以理解为存量有效保单未来可分配利润的贴现值。一般情况下,人身险公司和以人身险业务为主的保险集团公司使用P/EV 进行估值。2021...

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