招商证券(香港)：中国太保（02601）港股公司研究报告-Valuationundemanding;MaintainBUY

中国太保(02601) 2020resultswereinlinewithourexpectation NewCEOofCPICLifeisconfidentwithcompany’scorporategovernanceandbusinessprinciples MaintainBUYrating In-line2020results 1)Shareholder’snetprofitdropped11.4%yoyandtotalcomprehensiveincomedropped10.4%yoyin2020,inlinewithourexpectation.2)Withtheimplementationofstricterappraisals,averagenumberofagentsdecreasedby~5%yoyatend-2020,ordownby~2%hoh.AgentproductivitywashamperedbytheCOVID-19,withper-agentNBVdownby~23.5%yoyin2020.3)LifeNBVdecreasedby27.5%yoyi