【出版时间及名称】：2010年4月美国寿险行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PPT
        【页数】：29
        【目录或简介】：

Sustainable Returns on Equity:
Assessing the Longer
Longer‐term Upside in the Group
Abstract: With life insurance stocks having recently enjoyed a very strong rally, several investors are beginning to question the potential for additional upside in the group. From our perspective, the group is perhaps due for a near‐term pause, but we would still be looking to any meaningful pullbacks as an opportunity to add exposure to the sector. We continue to believe that current returns on equity have room to move meaningfully higher over the next several years, and that implied costs of equity capital across the sector look too high. When we couple potential multiple expansion across the industry with more rapidly growing book values, we believe the industry has the potential to move 50% higher over the next two years, meaningfully outpacing the gains in the broader market. We are recalibrating the price targets on several of the stocks we cover, and presently see the strongest upside potential in Prudential, MetLife, Lincoln and Aflac.

1. OVERVIEW
3. BUT STRUCTURAL IMPEDIMENTS LIMITING UPSIDE
4. VALUATION UPSIDE NEAR TERM AND LONGER TERM