瑞银发表报告，将人保(01339.HK) 2025至2027年税后净利润预测分别上调12%/13%/14%，以反映2024年业绩及较预期强劲的2025年综合成本率(CoR)指引，将目标价由4.1元上调至4.3元，维持“中性”评级，因估值合理。
该行指，去年集团承保获利能力受到天灾的影响，净天灾损失按年增31%，达到160亿元人民币(相较于五年平均的100亿元)，对CoR造成3.2个百分点的负面影响。人保CoR达98.8%，高于主要上市同业，部分原因是非履约费用分配的差异。公司指，计划在2025年实现少于96%、约99%的汽车/非汽车CoR(相较于2024年的96.8%/101.9%)。此指引可能远远超出市场预期。(ha/k)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-31 12:25。)
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