大行评级|瑞银:上调中国再保险评级至“买入”,目标价升至1.75港元

格隆汇
Jul 24

瑞银发表研报,将中国再保险的投资评级由“中性”上调至“买入”,目标价由1.7港元上调至1.75港元。该行预测该公司上半年税后净利润将同比增长10%至69亿元,主要受到保险服务业绩全面增长所带动,而非投资收益。瑞银估计上半年财险再保险保费同比增长2%,其中境内保费增长3%,受惠于非车险业务比重较高,预期增长幅度将跑赢行业,境外保费则大致平稳。该行预期中再保境内综合成本率同比大致稳定于约96%;境外综合成本率则同比改善4.5个百分点至82.5%,主要因自然灾害损失为2020年以来最低的上半年水平。寿险再保险方面,预期保险服务业绩将录得复苏,受惠于储蓄型业务缩减及部分合约提前终止带来的额外合约服务边际释放。

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