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友邦中期業績倒退 長線投資仍有可為?

友邦保險(SEHK:1299)上半年業績錄得顯著倒退,長線投資仍可買? –

友邦保險(SEHK:1299)是亞太區保險龍頭品牌,業務涉足香港、新加坡等成熟市場,並且積極部署在中國等增長市場擴張業務。然而,新冠疫情為友邦帶來逆風,上半年業績錄得顯著倒退,長線投資仍可買?

中期業績受累疫情

友邦主要從事保險業務,期內卻面對新冠肺炎疫情帶來的多重逆風,線下銷售渠道遇阻,投保意欲在疫情期間下降,市場波動則不利投資表現。按固定利率計,友邦上半年的年化新保費按年減少24%至26億元(美元.下同),新業務價值則下跌至14億元,同比跌幅為37%,可見友邦銷售表現在疫市顯著受挫,幸而稅後營運溢利仍保持5%增長至29億元,反映集團的有效保單業務表現穩定。

香港業務受疫情衝擊大

香港分部過去是友邦的核心收益來源,2019年上半年佔集團新業務價值近40%。疫情期間出入境限制令內地旅客訪港意欲下降,來港投保需求大減,友邦難以獨善其身,香港分部的新業務價值按年減少68%至3億元,新業務價值的佔比降至約2成。以高資產淨值客戶為主的投保需求驟降造成高邊際保險產品佔比下跌,分部的新業務價值利潤率下降17個百分點至51%。

內地業務成核心

人口基數龐大,加上中產規模持續擴大,內地一直是不少外資保險公司尋求增長的重要市場。友邦內地分部在上半年的新業務價值近6億元,同比跌幅僅13%,佔比更由29%上升至38%,成為集團核心貢獻分部。內地分部的新業務價值利潤率按年下跌11.4個百分點至81.8%,但仍為眾多分部中最高,反映高定價產品在中國市場的需求依然勝於其他市場。期內,友邦在內地成立首家外資獨資人身保險子公司,有望加快友邦在內地擴展業務的步伐。

防疫措施放寬利好復甦

疫情期間面對面銷售保險受限,友邦積極加強數碼銷售渠道發展,讓保險代理可利用視像技術及電子簽名完成遙距銷售,第2季發出的保單中,逾40%便屬於此類數碼銷售。友邦的數碼渠度加快發展及應用,有助集團在疫後緊貼中國市場線上化的大趨勢。此外,隨著防疫措施持續放寬,面對面銷售渠道有望重振,友邦指出個別市場的銷售表現已出現復甦跡象,包括香港業務的本地客戶群。

結語

友邦在疫市中業績表現不振,但短中期因素無損其長線基本面,集團復甦確定性高,加上中國市場有望持續擴張,增長前景依然明朗。

編輯:Yan

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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