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

中国太保(02601) NBVslumpedyoyin1H22,inlinewithexpectation Buildingaprofessional,specialized,anddigitalizedsalesteam MaintainBUYratingonvaluation NBVslumpedyoyin1H22,inlinewithexpectation 1)Shareholder’sNPdroppedby23.1%yoyin1H22,partlyduetogloomycapitalmarketin1H22.Inmoredetails,theannualizedtotalinvestmentyieldwas3.9%in1H22,vs.5.0%in1H21.Totalcomprehensiveincomeattributabletoshareholdersdroppedby40.1%yoyin1H22.2)Lifeinsurancesegmentwasunderpressure,inlinewithexpectation.TotalNBVdroppedby45.3%yoyin1H