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图7中国太保Q4单季首年期交保费同比降幅有所收窄
图7中国太保Q4单季首年期交保费同比降幅有所收窄
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【研报】保险行业2020年报前瞻:利润降幅收窄NBV增速显著分化-210125(15页).pdf
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UVPrinterE1是全球首款个人UV打印机
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fCDpobnnm64gICAgICAgICB8IOWGheWuuSAgICAgICAgICAgICAgIHwKfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IOiIueWQjSAgICAgICAgIHwg6ZW/5rGf6KGMwrfmnoHlhYkgICAgICAgIHwKfCDpppboiKrml7bpl7QgICAgIHwgMjAyNuW5tCAgICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrkuInls6Hml4XmuLjpm4blm6LlhazkvJflj7fvvIzplb/ln47or4HliLjkuqfkuJrph5Hono3noJTnqbbpmaI=
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fCDlubTku70gfCDplIDllK7otLnnlKjnjocoJSkgfCDnrqHnkIbotLnnlKjnjocoJSkgfCDotKLliqHotLnnlKjnjocoJSkgfCDnoJTlj5HotLnnlKjnjocoJSkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tfAp8IDIwMjEgfCAxICAgICAgICAgICAgfCA3ICAgICAgICAgICAgfCAwICAgICAgICAgICAgfCAxNCAgICAgICAgICAgfAp8IDIwMjIgfCAxICAgICAgICAgICAgfCA3ICAgICAgICAgICAgfCAwICAgICAgICAgICAgfCAxNSAgICAgICAgICAgfAp8IDIwMjMgfCAxICAgICAgICAgICAgfCA5ICAgICAgICAgICAgfCAtNSAgICAgICAgICAgfCAxOSAgICAgICAgICAgfAp8IDIwMjQgfCAxICAgICAgICAgICAgfCAyOCAgICAgICAgICAgfCAtMTUgICAgICAgICAgfCA0NSAgICAgICAgICAgfAp8IDIwMjUgfCAxICAgICAgICAgICAgfCA5ICAgICAgICAgICAgfCAwICAgICAgICAgICAgfCAxMSAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya6Iiq5aSp5Y2X5rmWMjAyMX4yMDI15bm05oql77yM5YW05Lia6K+B5Yi457uP5rWO5LiO6YeR6J6N
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行业数据
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四季度为收官季,各险企经营策略不一,预计新华新单增速较快,太保首年期交降幅收窄,国寿、平安四季度新单同比负增长。1)我们预计新华 Q4 新单增速较快,在公司规模与价值平衡发展思路下,或将主要以银保趸交产品为主,考虑到银保渠道产品价值率相对较低,我们预计公司 2020 年 NBV 同比-10%左右。2)太保代理人渠道全年累计保费同比-2%,新单同比-26.7%,其中新单期缴同比-33.4%,降幅较前三季度(同比-34.2%)有所收窄。3)我们预计国寿 Q4 新单负增长,预计主要是由于公司前三季度保费与价值增速已领先行业,且最早开始 2021 年开门红筹备工作,预计四季度收官保费规模受到的关注度将下降。4)根据平安个人业务新单数据,平安 12 月单月个人业务新单同比-56.1%,降幅较 11 月扩大 38.6pct,全年同比-19.8%,预计主要原因是公司上年同期基数较高和全力备战“开门红”。5)人保寿险、健康险 Q4 新单保费分别同比+42.2%、+1.1%,较三季度增速分别+51.8pct、-8.7pct,预计主要原因为寿险长险趸交保费快速增长。我们看好人保寿险的坚定转型以及大个险渠道持续加强多方面建设对基层代理人销售积极性的调动。
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【研报】保险行业2020年报前瞻:利润降幅收窄NBV增速显著分化-210125(15页).pdf
表62020年保险公司的NBV预测(百万元)
表5750天移动平均国债收益率的季度环比变动及全年同比变动(%)
表42017-2020前三季度会计估计变更对税前利润影响金额
表32020年保险公司的EV预测(百万元)
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