中再集團穩中有進 業務展現強韌性
中再集團(1508.HK)是國內首家再保險集團,主要業務來自於境內,長期位居境內市場第一,領先優勢明顯。2022年上半年,集團保費收入穩健增長,合併總保費收入879.80億元(人民幣,下同),同比增長5.6%,超過市場平均增速。境內財産再保險和人身再保險業務市場地位持續穩固,境內財産險直保業務增速企穩回升。在上半年困難的整體環境下,各項營運及財務指標仍然符合預期,彰顯強大韌性。
集團業務結構優化向好,數據和產品創設優勢實現收益擴張,為企業的長期發展積蓄動能。2022上半年,財産再保險境內非車險業務分保費收入158.53億元,同比增長42.1%。財産再保險境外業務及橋社業務總保費收入113.74億元,同比增長17.7%,進一步擴大特險、政治暴力險、水險及責任險等優勢業務規模,同時積極開拓非勞合社市場,實現保費收入快速增長。人身再保險境內保障型業務方面,受惠推出新的百萬醫療險、面向老年人群的重疾型長期護理險等多款創新産品,市場反應理想,分保費收入135.06億元,同比增長12.6%。財産險直保非車險業務原保費收入123.19億元,同比增長9.2%,佔比首次過半。
2022上半年,中再集團承保效益持續改善,財産險直保業務過去一年綜合成本率持續改善,同比下降7.28個百分點。面對宏觀經濟變數,橋社在謹慎計提俄烏沖突準備金和承受自然巨灾損失之下,仍實現較好承保利潤,綜合成本率96.34%。
集團在積極發展業務的同時,亦關注ESG的戰略價值,積極部署綠色發展戰略。2022上半年,中再集團發布行業首個新能源汽車保險定價模型;發布我國首份《電化學儲能保險發展報告》,打造“可再生能源+電化學儲能技術+綠色保險保障”的融合發展模式;爲國內核電項目近5000億元財産提供全生命周期風險保障;爲風電、太陽能發電等綠色能源領域1000多個項目提供再保險保障。
當前,集團已經躋身福布斯上前四大再保公司,在境內財産再保險市場及人身再保險市場的份額均保持領先。集團風險管理持續穩健,繼續保持標普長期保險公司財務實力評級“A”、貝氏財務實力評級“A(優秀)”,各經營主體綜合償付能力充足率保持在200%以上。
集團主要股東為中央匯金和財政部,分別持股71.5%和11.4%,社保基金持股1.27%。當前,中再保 PB估值處於上市以來低位, PB僅0.24倍;過去6年,平均PB 0.6倍,現時折讓60%。集團立足本業,升級普惠産品服務、繼續完善全面風險管理體系、持續推進數字中再2.0規劃落地,實現提升未來盈利能力及運營效率。目前估值和基本面築底,長期看好,目標價0.8港元。
(撰文 : Vantage客席分析師李慧芬)(本人並沒持有以上股票)
Stella Lee
Responsible Officer, Executive Director
SFC CE No.: ACK112 / MHKSI M10030
EAA E-355625 / AHKRFP A0103460 / CICFP HK0041617
Global Group Securities Limited (CE No.: AZJ721)
Address: Suite 1509, 15/F, The Center, 99 Queen’s Road Central, Central, Hong Kong
G: +852 2387 3333 D: +852 2387 1966 M: +852 6316 6886 / +86 130 6840 6671
F: +852 2387 3330 E: [email protected]<mailto:[email protected]> W: www.ggs.com.hk<http://www.ggs.com.hk/>
The information contained in this e-mail message may be confidential information and may also be privileged. If you are not the intended recipient, any use, interference with, disclosure or copying of this material is unauthorized and strictly prohibited. If you have received this message in error, please notify us by return email and delete the email from your system immediately.
Global Group Securities Limited (“GGS”) is licensed by the Hong Kong Securities and Futures Commission (“SFC”) to carry out Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities as set out in Schedule 5 of the Securities and Futures Ordinance with CE No. AZJ721.
All investments involve risk. The price of securities can and does fluctuate due to price movements. Trading on margin may carry a higher risk than others and may not be suitable for all investors as losses may equal or exceed your original investment. Investors should carefully read and consider the Security Trading Agreement<https://ggs.com.hk/img/pdf/GGS%20Securities%20Trading%20Agreement%20(Final).pdf> which contain details on investment objectives, risk factors, charges and expenses of the securities, before making any investment decisions.