保险业深度报告:负债端景气延续 资产端驱动估值修复

东莞证券
Oct 23

投资要点:寿险将继续延续景气增长。预计在“报行合一”以及下调预定利率的背景下,险企有效控制渠道费用率,减轻成本压力,叠加产品结构优化与代理人产能提升将直接带动NBVM的提升,助推NBV延续增长态势。在低利率环境下,分红险的“保底+分红”价值更加凸显,各寿险公司主打产品或将逐步从增额终身寿险切换为分红险,有利于险企更好地应对利率下行周期资产配置的压力和投资收益波动,对分散部分利差损风险也有积极意义。...

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