保险股PCE-ROCE估值体系探析:综合权益视角下的全面价值-新准则下保险股估值重构专题

中泰证券股份有...
25 Jul

持续低利率环境下,P/EV 估值体系面临挑战:1)内险企连续两年下调风险贴现率与投资收益率假设,带来NBV 与EV 调整折扣成倍扩大、横向与纵向可比性和可预测性较差。2)疫后行业新单保费与NBV 增速持续下行,2024 年行业合计NBV 较2019年已累计下降39.6%,剔除友邦后,降幅扩大至45.1%,拖累EV 的成长性。3)年初至今,十年期国债到期收益率处于1.6%底部区域震荡,持续低利率环境...

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