友邦保險：NBV延續向好新一輪股份回購計劃有望提振投資者信心

國聯證券

2025/03/15

投資要點友邦保險發布2024 年年報，2024 年公司實現NBV 47.12 億美元，按年增長18%；稅後營運利潤為66.05 億美元，按年增長7%。同時公司推出新一輪16 億美元股份回購計劃，彰顯公司持續重視股東回報。NBV 實現穩健增長，中國香港和中國內地是主要的NBV 貢獻來源2024 年公司實現NBV 47.12 億美元，按年+18%，其中24Q1/24Q2/24Q3/24Q4 按年分別為...

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免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

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boost investor confidence","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81299":0.6,"AAGIY":0.6,"01299":1},"content_text":"投資要點友邦保險發布2024 年年報，2024 年公司實現NBV 47.12 億美元，按年增長18%；税後營運利潤為66.05 億美元，按年增長7%。同時公司推出新一輪16 億美元股份回購計劃，彰顯公司持續重視股東回報。NBV 實現穩健增長，中國香港和中國內地是主要的NBV 貢獻來源2024 年公司實現NBV 47.12 億美元，按年+18%，其中24Q1/24Q2/24Q3/24Q4 按年分別為+27%/+15%/+17%/+8%（實際匯率口徑）。2024 年公司NBV 延續較好增長，主要系：1）公司新單保費按年+14%至86.06 億美元；2)公司新業務價值率按年+1.9PCT至54.5%。分地區來看，2024 年中國香港、中國內地、泰國、新加坡、馬來西亞的NBV 按年增速分別為+23%/+20%/+15%/+15%/+10%，NBV 佔比分別為35%、24%、16%、9%、7%，中國香港和中國內地仍是公司最主要的NBV 貢獻來源。淨利潤按年高增，營運利潤及內含價值穩健增長（1）2024 年公司實現淨利潤68.36 億美元，按年+84%；税後營運利潤66.05 億美元，按年+7%。公司營運利潤實現較好增長，主要得益於合同服務邊際釋放按年+7%及營運差異按年改善帶動保險服務業績增加。（2）截至2024 年末，公司的內含價值為690.35 億美元，較年初+4%。公司內含價值實現正增，主要得益於內含價值預期回報、新業務價值、營運經驗差異等帶來的正貢獻。DPS 穩健增長，新一輪股份回購計劃彰顯公司重視股東回報2024 年公司宣佈派發末期股息1.31 港元/股，按年+10%；全年總股息為1.75 港元/股，按年+9%，公司派息持續穩定增長。同時公司董事會公布了新一輪16 億美元股份回購，包括2024 年產生的自由盈餘淨額的75%（6 億美元）、定期檢視公司資本狀況後返還超出公司所需的資本（10 億美元）。公司的資本管理政策彰顯了公司卓越的治理能力和管理層對未來發展的信心，表明公司持續重視股東回報。投資建議：維持友邦保險「買入」評級考慮到公司NBV 有望延續向好，進而能支撐公司業績持續改善，我們預計公司2025-2027 年保險收益分別為213/232/253 億美元，按年分別+10%/+9%/+9%；歸母淨利潤分別為71/81/92 億美元，按年分別+5%/+13%/+13%。鑑於公司卓越的負債端表現和穩定的派息能力，我們維持「買入」評級。風險提示：隊伍產能提升不及預期；業務拓展不及預期；利率下行。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"buyback","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}

友邦保險：NBV延續向好 新一輪股份回購計劃有望提振投資者信心

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友邦保險：NBV延續向好新一輪股份回購計劃有望提振投資者信心