招商证券(香港):中国太保(02601)港股公司研究报告-Life’sperformancestillunderpressureduetoCOVID-19
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招商证券(香港):中国太保(02601)港股公司研究报告-Life’sperformancestillunderpressureduetoCOVID-19.pdf |
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中国太保(02601)
Life’sperformanceremainedhamperedbyCOVID-19
AgentforcedownbutNBMstabilizedin3Q
Valuationundemanding;MaintainBUY
Life’sperformancein3QstillhamperedbyCOVID-19
1)3Q20shareholders’NPtotaled~RMB19.6bn,decreasedby14.3%yoy;shareholders’NPdropped19.6%yoyin3QalonepartlyduetohigherclaimexpensesandOP&adminexpenses.2)CPIC’slifebusinessremainedunderpressurein3Q,totallifeGWPgrew0.2%in3Q20(1H20:0.1%).COVID-19stillhadnegativeimpactsonagentactivitiesandagencychannelregularFYPdown34.2%yoyin3Q20(1Q/2Q/
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