交银国际发表报告指，友邦(01299.HK) 去年新业务价值按年增长18%，符合该行预期，低于市场预期 2%。新业务价值率为54.5%，按年提升1.9个百分点，主要来自产品结构变化。香港市场新业务价值占比35%，贡献最大，按年增长23%，本地业务和内地访客新业务价值按年分别增长24%和22%，价值率按年提升8个百分点。内地市场新业务价值按年增长20%，其中新进入市场按年增长27%；价值率按年提升4.8个百分点。泰国、新加坡市场新业务价值按年均增长15%，马来西亚按年增长10%。
报告指，友邦去年第四季获批新进入4个省市(安徽、山东、重庆、浙江)，公司仍维持未来每年新进入1至2个省市的指引；去年首季新业务价值形成较高基数，随着公司将储蓄产品转向分红型，价值率可能有所下降，但公司预计今年首季新业务价值率仍有望维持在50%以上；考虑到市场利率变动，公司在 去年末下调内地投资收益率假设。该行维持友邦“买入”评级和目标价84元。(ha/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-18 12:25。)
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