友邦保险（01299）：2025年中报业绩点评：NBV稳健，股东回报持续改善

NBV 稳健，股东回报持续改善 友邦保险(1299) ——友邦保险 2025 年中报业绩点评 | 风险提示：客户需求不及预期；权益市场波动；长端利率下行。 | | --- | | 财务摘要(百万美元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 17,514 | 19,314 | 20,416 | 22,410 | 24,659 | | (+/-)% | 7.3% | 10.3% | 5.7% | 9.8% | 10.0% | | 毛利润 | 4,831 | 7,480 | 6,026 | 7,632 | 8,154 | | 净利润 | 3,781 | 6,853 | 5,521 | 6,993 | 7,471 | | (+/-)% | 12.4% | 81.2% | -19.4% | 26.7% | 6.8% | | PE | 28.35 | 14.86 | 17.89 | 14.12 | 13.22 | | PB | 2.61 | 2.52 | 2.36 | 2.24 | ...