杰富瑞发表报告指，富卫集团兼具亚洲寿险敞口双位数增长及持续改善的盈利趋势，但目前仅以约0.7倍P/EV交易，首次覆盖予“买入”评级，目标价37.4港元。该行认为，投资者过度关注近期销售增长放缓，却低估公司盈利质量的显著提升。报告指，公司第一季APE增长放缓至4%、VNB增长放缓至7%，主要反映香港市场前期异常强劲所带来的高基期效应，而非基础需求转弱。公司在日本及新兴市场增长依然稳健，支持该行预期公司2027年起有关增长将回升至约10%至13%。另外，该行指出，投资者情绪因跨境资本流动的担忧再度升温而走弱，并担心可能影响内地访客(MCV)销售。然而，MCV仅贡献集团约13%的APE及VNB，对整体盈利的影响有限。
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