高盛指，富卫保险为新兴泛亚寿险公司，在亚洲10个市场营运，并集中于东南亚快速增长的市场。基于 公司对比区内领先筹险规模较小，其在交出更快内涵值增长上处更有利位置。但公司自2020年以来内涵 值增长为负数，受不利经营趋势及市场波动影响。在2023年至2024年收紧经营假设后，该行相信公司内 涵值增长处转折点。 高盛发布研报称，首次覆盖富卫集团(01828)，给予"买入"评级及44港元目标价。该行预测富卫保险今 年至2027年交出平均14.3%的内涵值回报率，对比2022年至2024年的负5.4%，主要由经营改善及经济差 异推动。 ...

Core Viewpoint - Goldman Sachs initiates coverage on FWD Group (01828) with a "Buy" rating and a target price of HKD 44, forecasting an average embedded value return of 14.3% from 2023 to 2027, a significant improvement compared to a negative 5.4% from 2022 to 2024, driven by operational improvements and economic disparities [1] Group 1: Company Overview - FWD Group operates in 10 markets across Asia, focusing on the rapidly growing Southeast Asian market [1] - The company is positioned favorably for faster embedded value growth compared to regional peers due to its relatively smaller scale [1] Group 2: Financial Performance - Since 2020, FWD Group has experienced negative embedded value growth, impacted by adverse operational trends and market volatility [1] - Following a tightening of operational assumptions for 2023 to 2024, Goldman Sachs believes the company is at a turning point for embedded value growth [1]

Group 1 - Goldman Sachs initiates coverage on FWD Insurance with a "Buy" rating and a target price of HKD 44 [1] - FWD Insurance operates in 10 markets across Asia, focusing on the rapidly growing Southeast Asian market [1] - The company is positioned favorably for faster intrinsic value growth compared to regional peers with smaller insurance scales [1] Group 2 - Since 2020, FWD Insurance has experienced negative intrinsic value growth due to adverse operating trends and market volatility [1] - Following a tightening of operating assumptions from 2023 to 2024, Goldman Sachs believes the company is at a turning point for intrinsic value growth [1] - The firm forecasts an average intrinsic value return of 14.3% for FWD Insurance from 2023 to 2027, a significant improvement from the negative 5.4% projected for 2022 to 2024, driven by operational improvements and economic differentials [1]