机构：华创证券 研究员：陈海椰/徐康 事项： 友邦保险公布2025 年中报。2025H1，公司实现NBV 同比+14%至28.38 亿美元（固定汇率，除特殊说明 外下同）；内含价值权益达到737 亿美元，每股+5%（实际汇率）；税后营运溢利36.09 亿美元，每股 +12%；产生的基本自由盈余为35.69 亿美元，每股+10%。中期股息每股49 港仙，同比+10%。 评论： 分红险转型成效明显，NBV 维持稳增。2025H1 公司实现NBV 28.38 亿美元，同比+14%。量、价双驱 支撑NBV 稳增，NBV margin 同比+3.4pct 至57.7%；年化新保费同比+8%至49.42 亿美元。 从产品结构来看，传统险占比37%（同比-1pct），分红险占比43%（同比+11pct），占比明显上升，投 资连结险占比9%（同比持平）。 从渠道结构看，1）代理队伍：NBV 同比+17%至22.2 亿美元，渠道占比78%，主要贡献来自友邦香港 代理渠道NBV 同比+35%。其中NBV margin 同比+4.4pct 至72%，预计个险营销体系改革带动渠道降本 增效，年化新保费同比+10%至30.83 亿美元 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong growth in new business and NBV, with a year-on-year increase of 67.9% in NBV for Q1 2025, driven by rapid growth in first-year premiums and improved business quality [2][3] - The total investment return rate improved year-on-year to 5.7%, while the comprehensive investment return rate faced pressure, decreasing to 2.8% [4] - The company is expected to maintain its profit forecasts, with projected revenues and net profits for 2025-2027 showing steady growth [5] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 334.02 billion, a year-on-year increase of 26.1%, and a net profit attributable to shareholders of 58.82 billion, up 19.0% year-on-year [2] - The weighted average ROE for Q1 2025 was 6.68%, an increase of 1.71 percentage points year-on-year [2] New Business Value (NBV) - The company’s NBV for Q1 2025 was 67.9% higher than the previous year, primarily due to a significant increase in first-year premiums [3] - First-year premiums for long-term insurance reached 272.36 billion, a year-on-year increase of 149.6% [3] Investment Returns - The company’s investment assets grew to 16,876.97 billion, a 3.58% increase from the end of the previous year [4] - The fair value change profit for Q1 2025 was 30.13 billion, significantly lower than the 80.18 billion reported in Q1 2024, attributed to rising interest rates affecting bond values [4] Profit Forecasts - The company maintains its profit forecasts, expecting revenues of 1,326 billion, 1,349 billion, and 1,373 billion for 2025, 2026, and 2027 respectively [5] - Projected net profits for the same period are 262 billion, 267 billion, and 272 billion [5]