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大和:保險行業首選友邦(1299.HK),予買入評級
格隆匯 12-21 17:01

大和發表研究報吿表示,內地保險行業自2019年以來的週期,一直處於“風險防範”監管之中;監管的重點似乎是銷售實踐和代理人的產品質量;預計2022年將發佈更多法規,預計風險管理審慎、執行嚴格的公司受影響較小;更偏好外資和國有保險公司,友邦(1299.HK)仍然是行業首選,予“買入”評級。

報吿指,2021年各種監管收緊,看到當前中國保險業的監管重點是風險防範,而不是新業務增長。2021年的主要監管變化要求包括對代理人的更高標準評估;延遲佣金補償以考慮新業務的可持續性和質量;對不當銷售進行更嚴厲的處罰;禁止誤導性的產品續訂條款,以及分銷合作伙伴的佣金封頂等,預計2022年將執行更嚴格的規定,預計更積極的銷售做法監管審查以及放寬銀行保險條例,同時執行佣金上限以避免激烈的價格競爭等。

該行預計,由於這些規定,對新業務價值(VNB)和總代理佣金有10-20%的負面影響;雖然增強監管可能會導致近期的疲弱,但認為這是一個好兆頭,為行業更持續的發展做好準備。此外,許多當前的監管重點與ESG的中“社會”方面相關,希望保險公司迅速採取行動,並遵守這些法規。

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