11月22日，友邦保险控股有限公司（以下简称"友邦保险"）宣布任命张晓宇为区域首席执行官，并于获 得所有必要监管批准后生效。调任完成后，张晓宇将负责友邦保险在中国内地、韩国和越南经营的业 务。同时，他将成为集团执行委员会成员，并向集团首席执行官兼总裁李源祥汇报。 公开资料显示，张晓宇毕业于复旦大学并获得应用数学系硕士学位，拥有北美精算师资格认证。2000年 加入友邦保险，先后在精算部、行政管理部及业务发展部任职；2017年出任友邦中国首席执行官。 在张晓宇任职期间，友邦中国成功完成"分改子"，成立中国内地首家外资独资人身保险公司友邦人寿。 此后，友邦人寿在北京、上海、广东、深圳、江苏5地展业的基础上，在天津、河北、四川、湖北、河 南新设分公司，将业务拓展至10个省市。近期，友邦人寿安徽、山东、重庆3家省级分公司获准筹建。 （记者 朱艳霞） ...

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 友邦保险（01299.HK）公司季报点评 2024 年 11 月 05 日 | --- | --- | |------------------------------------------------------------------|------------------------| | | | | | | | 股票数据 | | | [ 1 T 1 a 月 bl 0 e 4 _ 日 S 收 to 盘 c 价 k （ In 港 fo 元 ] ） | 61.95 | | 52 周股价波动（港元） | 44.02-76.60 | | 股本结构 | | | [ 总 Ta 股 b 本 le （ _C 百 a 万 p 股 ita ） lInfo ] | 10932 | | 流通 H 股（百万股） | 10932 | | B 股/H 股（百万股） | 0/10932 | | 相关研究 | | | [ 《 Ta N b B l V e_ 持 R 续 e 高 po 增 rt 长 In 创 fo 历 ] | 史新高，未来三 | | 年每股税后营运溢利增长 ...

2024 年 11 月 1 日 公司研究 新业务价值延续较好增长态势 ——友邦保险（1299.HK）2024 年三季度新业务业绩点评 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------|-------------------------------|----------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | |-------| | | | | | | 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.10.31 | --- | --- | --- | |----------|-------------------------------------|-------------------------| | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 李嘉木 ( 分析师 ) | | | 021-38676647 | 021-38038619 | | | liuxinqi@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880524030003 | 本报告导读： 公司前三季度 NBV 同比增长 22%，符合预期，新单及价值率共同改善驱动 NBV增 长，主要区域 NBV 维持较好表现，预计多元化产品 ...

证券时报•数据宝统计显示，10月17日有48家香港上市公司进行了股份回购，合计回购2706.22万股，回 购金额1.89亿港元。 友邦保险回购数量98.48万股，回购金额6218.21万港元，回购最高价为64.450港元，最低价为62.100港 元，年内累计回购金额247.32亿港元；快手-W回购数量71.37万股，回购金额3218.91万港元，回购最高 价为45.550港元，最低价为44.750港元，年内累计回购金额41.14亿港元；太古股份公司A回购数量38.20 万股，回购金额2453.10万港元，回购最高价为65.450港元，最低价为63.200港元，年内累计回购金额 26.76亿港元。 以金额进行统计，10月17日回购金额最多的是友邦保险，回购金额为6218.21万港元；其次是快手-W， 回购金额为3218.91万港元；回购金额居前的还有太古股份公司A、万物云等。 回购数量上看，10月17日回购股数最多的是有赞，当日回购量为700.00万股；其次是盛龙锦秀国际、安 东油田服务等，回购数量分别为200.00万股、174.20万股。 值得关注的是，百果园集团本次回购为年内首次进行回购。 本次回购6218 ...

证券时报网讯，友邦保险（证券代码：01299.HK）对外宣布了其股票回购计划的执行结果。 10月17日，成功回购了98.48万股公司股票。 此次回购的总金额为6318.21万港元，回购均价为每股63.14港元。 在回购过程中，股票的最高成交价为64.45港元，最低成交价为62.10港元。 校对：王锦程 ...

港股公司报告 | 公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

New Business Value and Premiums - New business value increased by 25% to $2.455 billion, reaching a historical high[3] - Annualized new premiums rose by 17% to $4.546 billion[3] - New business value margin improved by 3.3 percentage points to 53.9%[3] - New business value increased by 25% year-on-year to $2.455 billion, with a new business value margin of 53.9%[10] - Annualized new premiums grew by 17% to $4.546 billion, with a new business value margin increase of 3.3 percentage points[10] - AIA's new business value increased by 25% to a record $2.455 billion, with 11 markets achieving double-digit growth[18] - AIA's new business value margin rose by 3.3 percentage points to 53.9%[18] - Annualized new premiums increased by 17% to $4.546 billion in the first half of 2024, contributing to over $30 billion in renewal premiums for 2023[18] - AIA's new business value grew by 25% to $2.455 billion, with 11 markets achieving double-digit growth, including its five largest markets[26] - The annualized new premium increased by 17%, and the new business value margin rose by 3.3 percentage points to 53.9%[26] - AIA Group's new business value increased by 25% to $2.455 billion, with 11 markets achieving double-digit growth, including its five largest businesses[31] - New business value increased by 19% to $1.86 billion, with a new business value margin of 67.2%, up 4.5 percentage points year-on-year[107] - Annualized new premiums grew by 11% to $2.77 billion, driven by increased agent activity and higher productivity[108] - Partner distribution channel saw a 43% increase in new business value to $742 million, with a new business value margin of 41.7%, up 4.2 percentage points[109] - Bank insurance channel achieved a 61% growth in new business value, with the new business value margin exceeding 40%, supported by increased active sales agents[110] - China market new business value surged by 36% to $782 million, with a new business value margin of 56.6%, up 6.4 percentage points[111] - New business value margin increased by 6.4 percentage points to 56.6%, with agency distribution margin rising to 61.3% and bancassurance margin to 41.3%[112] - AIA Hong Kong's new business value grew by 26%, with local customer new business value up 28% and mainland visitor new business value up 24%[114] - AIA Thailand's new business value increased by 16%, driven by strong annualized new premium growth in agency and partner distribution channels[116] - AIA Singapore's new business value grew by 27%, with annualized new premiums up 57%[118] - AIA's "Premier Agency" in Hong Kong contributed to 20% new business value growth, accounting for two-thirds of total new business value[115] - AIA Thailand's "Premier Agency" recorded 18% new business value growth, with new agent recruits up 20%[117] - AIA Singapore's traditional protection products accounted for 45% of new business value in the first half of 2024[118] - AIA Malaysia recorded a 14% growth in new business value in H1 2024, with a new business value margin of 64.2% and 90% of unit-linked product sales including protection coverage[120] - AIA Malaysia's "Premier Agency" achieved a 7% growth in new business value in H1 2024, driven by investments in technology, digital tools, and analytics[121] - AIA Malaysia's bancassurance partnership with Public Bank Berhad achieved an 18% growth in new business value, supported by a compelling high-net-worth client proposition[121] - Other markets (excluding Malaysia and Singapore) saw a 9% growth in new business value in H1 2024, with double-digit growth in Australia, Myanmar, Philippines, South Korea, Sri Lanka, and Taiwan[122][123] - AIA Australia achieved strong double-digit growth in new business value in H1 2024, driven by successful renewals and new member additions in group insurance[124] - AIA India's new business value declined in H1 2024 due to a one-time surge in life insurance sales before tax benefit restrictions, but rebounded in Q2 2024 with strong performance from the "Premier Agency"[124] - AIA Philippines achieved exceptional new business value growth in H1 2024, supported by a strong performance from the joint venture with Bank of Philippine Islands (BPI)[124] - AIA South Korea recorded exceptional new business value growth in H1 2024, driven by strong bancassurance performance and a rebound in direct sales[124] Embedded Value and Operating Profit - Embedded value operating profit reached $5.350 billion, with a per-share increase of 29%[4] - Post-tax operating profit was $3.386 billion, with a per-share increase of 10%[5] - Embedded value operating profit rose by 24% to $5.350 billion, with an embedded value operating return of 16.5%[10] - AIA's operating profit based on embedded value was $5.350 billion, with a 29% increase per share[19] - AIA's post-tax operating profit for the first half of 2024 was $3.386 billion, with a 10% increase per share[20] - AIA's embedded value operating profit reached $5.35 billion, with a per-share growth of 29%, equivalent to a 16.5% annualized embedded value operating return, up 360 basis points from 2023[26] - AIA's post-tax operating profit grew by 10% per share, driven by the compounding effect of large-scale profitable new business[27] - AIA's embedded value equity increased by 8% to $74.234 billion, driven by $5.35 billion in embedded value operating profit, which grew by 29% per share[33] - AIA's investment performance exceeded assumptions, contributing $497 million to embedded value equity, while foreign exchange translation reduced it by $1.653 billion[33] - AIA's embedded value operating return increased by 360 basis points to 16.5% on an annualized basis, reflecting strong new business value growth and positive operating experience variances[33] - AIA's cumulative operating experience variances and assumption changes since its IPO in 2010 have added $4.3 billion to embedded value equity, highlighting its focus on underwriting quality business[33] - Embedded value operating profit rose by 24% to $5.350 billion, with basic embedded value operating profit per share increasing by 29% to 47.68 cents[36] - Post-tax operating profit grew by 7% to $3.386 billion, with basic post-tax operating profit per share up by 10% to 30.18 cents[40] - Contractual service margin release increased by 10% to $2.782 billion, contributing to the strong growth in post-tax operating profit[40] - Investment performance net of expenses remained stable at $1.637 billion, despite a decrease in investment income due to share buybacks and divestments[39] - Shareholder allocated equity operating return on an annualized basis increased by 180 basis points to 15.3%[39] - The company's operating margin remained strong at 16.1%, reflecting high-quality earnings[39] - Post-tax operating profit in Hong Kong, Thailand, and Malaysia saw double-digit growth, while China grew by 4% and Singapore by 2%[45][46] - Total post-tax operating profit increased by 7% on a constant exchange rate basis to $3.386 billion, with Hong Kong contributing $1.223 billion, up 15% year-on-year[46] - Pre-tax operating profit for the six months ended June 30, 2024, was $3.961 million, compared to $3.877 million in the same period in 2023[181] - Tax expense for the six months ended June 30, 2024, was $(560) million, compared to $(598) million in the same period in 2023[181] Free Surplus and Capital Management - Generated basic free surplus amounted to $3.391 billion, with a per-share increase of 10%[6] - Net free surplus generated after reinvestment in new business was $2.243 billion[6] - Shareholder capital ratio on a pro forma basis was 242%[6] - Basic free surplus generated grew by 6% to $3.391 billion[10] - AIA's free surplus generated was $3.391 billion, with a 10% increase per share[21] - AIA's generated free surplus increased by 10% per share to $3.391 billion, driven by the addition of another batch of profitable new business and positive operational variances[29] - Free surplus increased to $17.94 billion as of June 2024, up from $16.33 billion as of December 2023, before dividends and share buybacks[71] - Basic free surplus generated was $3.39 billion for the six months ended June 30, 2024, a 10% increase per share[75] - Free surplus generated in H1 2024 increased to $2.243 billion, up from $1.52 billion in H1 2023[76] - Investment in new business increased by 11% to $788 million, driving a $3.243 billion increase in future distributable earnings[76] - Basic free surplus per share grew 10% to 30.22 cents, with diluted free surplus per share also increasing 10% to 30.20 cents[77] - The company implemented a new capital management policy targeting a 75% payout ratio of annual free surplus through dividends and share buybacks[78] - Shareholder capital ratio stood at 262% as of June 30, 2024, down from 269% at end-2023, primarily due to capital returns to shareholders[80] - Group local capital summation method coverage ratio decreased to 262% in H1 2024 from 275% at end-2023, mainly due to capital returns[83] - Eligible group capital resources increased to $74.654 billion in H1 2024 from $73.156 billion at end-2023, driven by effective business capital generation[83] - Group prescribed capital requirement rose to $28.517 billion in H1 2024 from $26.646 billion at end-2023, mainly due to new business underwriting[84] - Tier 1 group capital decreased to $46.711 billion in H1 2024 from $46.980 billion at end-2023, primarily due to capital returns to shareholders[84] - Shareholder-based group local capital summation method coverage ratio decreased to 329% in H1 2024 from 335% at end-2023, reflecting capital returns[86] - Group local capital summation method coverage ratio increased to 262% as of June 30, 2024, compared to 275% as of December 31, 2023[87] - Eligible group capital resources amounted to $74.654 billion as of June 30, 2024, up from $73.156 billion as of December 31, 2023[87] - Group prescribed capital requirement stood at $28.517 billion as of June 30, 2024, compared to $26.646 billion as of December 31, 2023[87] - Group local capital summation method surplus was $46.137 billion as of June 30, 2024, slightly down from $46.510 billion as of December 31, 2023[87] - Subordinated securities and senior notes included in eligible group capital resources totaled $5.115 billion and $5.158 billion, respectively[89] - A 50 basis points increase in interest rates would decrease the group local capital summation method coverage ratio by 10 percentage points[91] - Shareholder capital was $40.140 billion as of June 30, 2024, with a coverage ratio of 262%[92] - Holding company financial resources increased to $9.890 billion, excluding dividends and share buybacks[97] - Capital flows from subsidiaries in the first half of 2024 were $1.469 billion, down from $1.703 billion in the same period of 2023[97] - Holding company financial resources stood at $6.512 billion as of June 30, 2024, after returning capital to shareholders[97] - The company's initial holding company financial resources were $8.14 billion, with net cash flow from subsidiaries of $1.469 billion and corporate activities (including acquisitions) of $(53) million for the six months ended June 30, 2024[98] - The company's net cash flow from holding company activities was $1.416 billion for the six months ended June 30, 2024[98] - The company's final holding company financial resources before dividends and share repurchases were $9.89 billion, with dividends of $(1.705) billion and share repurchases of $(1.673) billion for the six months ended June 30, 2024[98] - The company's final holding company financial resources were $6.512 billion for the six months ended June 30, 2024[98] - The company's loans to subsidiaries/receivables from subsidiaries were $973 million as of June 30, 2024, with $144 million recoverable within 12 months[99] - The company's medium-term notes and securities issued to the market were $11.867 billion as of June 30, 2024, with $750 million repayable within 12 months[99] - The company issued $1 billion of 10-year fixed-rate subordinated securities with an annual interest rate of 5.375% under its global medium-term notes and securities program on April 5, 2024[100] - The company increased its interim dividend by 5.2% to HK$0.445 per share[102] - The company increased its share repurchase program by $2 billion to a total of $12 billion, with $8.88 billion worth of shares repurchased and canceled as of June 30, 2024[103] - The company's credit ratings from Fitch, S&P, and Moody's remained unchanged at AA (very strong), AA- (very strong), and Aa2 (very low credit risk) respectively as of June 30, 2024[101] Shareholder Returns and Dividends - Returned $3.4 billion to shareholders through dividends and share buybacks in the first half of the year[7] - Interim dividend increased by 5.2% to HK$0.445 per share[7] - AIA Group returned $3.4 billion to shareholders through dividends and share buybacks in the first six months of 2024[15] - AIA Group announced a new capital management policy in April 2024, aiming to distribute 75% of annual net free surplus generated through dividends and share buybacks[15] - AIA Group's board approved an additional $2 billion share buyback in April 2024, increasing the total buyback program to $12 billion[15] - AIA Group's interim dividend increased by 5.2% to HK$0.445 per share[15] - AIA returned $3.378 billion to shareholders through dividends and share buybacks in the first half of 2024, with an annualized shareholder distribution equity operating return of 15.3%, up 180 basis points[25][28] - AIA's board approved an additional $2 billion to its existing $10 billion share buyback program, bringing the total to $12 billion, with $3.1 billion remaining for buybacks as of June 30, 2024[29] - AIA's interim dividend increased by 5.2% to HK$0.445 per share, reflecting its prudent, sustainable, and progressive dividend policy[29] - AIA's solvency position remained very strong, with a declared interim dividend increase of 5.2% per share[25] - AIA's target compound annual growth rate for post-tax operating profit per share from 2023 to 2026 is 9% to 11%[25] - The company repurchased a total of 219,933,600 shares on the Hong Kong Stock Exchange during the six months ended June 30, 2024, with a total consideration (before expenses) of approximately HKD 13.054 billion (equivalent to approximately USD 1.67 billion)[140] - The average price per share for the repurchases was HKD 59.35, with the highest price at HKD 68.10 and the lowest at HKD 45.30[141] - The company also purchased 4,178,569 shares under the 2020 Restricted Share Unit Plan and the 2020 Employee Share Purchase Plan, with a total consideration of approximately HKD 257 million (equivalent to approximately USD 33 million)[142] - The total number of issued shares as of June 30, 2024, was 11,200,409,115[140] - The Bank of New York Mellon Corporation held 326,741,568 shares in physical settlement of non-listed derivative instruments[136] - JPMorgan Chase & Co. held 14,237,480 shares in physical settlement of non-listed derivative instruments and 6,300,667 shares in cash settlement of non-listed derivative instruments[136] - Citigroup Inc. held 7,801,672 shares in physical settlement of non-listed derivative instruments and 22,370,996 shares in cash settlement of non-listed derivative instruments[136] - The Capital Group Companies, Inc. held 24,767,952 shares in physical settlement of non-listed derivative instruments[136] - BlackRock, Inc. held 3,900,000 shares in cash settlement of non-listed derivative instruments and 798,200 shares in cash settlement of non-listed derivative instruments[136] - The company plans to initiate an audit tender for the 2026 fiscal year, with the current auditor, PricewaterhouseCoopers, continuing to audit the 2024 fiscal year consolidated financial statements[143] - The company granted 16,593,246 restricted share units (RSUs) under the 2020 RSU plan to employees, directors, and executives during the six months ended June 30, 2024[145] - 315,561 RSUs vested under the 2010 RSU plan and 3,364,059 RSUs vested under the 2020 RSU plan during the same period, settled by purchasing existing shares in the market[145]

交银国际研究 公司更新 新业务价值增长强劲，股东回报增长具持续性 新业务价值延续强劲增长势头。2024 年上半年新业务价值同比增长 21.0% （实际汇率），增长主要来自中国内地和中国香港市场的贡献，2 季度单 季同比增长 14.8%。新业务价值率同比提升 3.1 个百分点至 53.9%。中国香 港市场：新业务价值同比增长 26%，本地业务/内地访客新业务价值同比 分别增长 28%/24%，价值率同比提升 8.8 个百分点。中国内地市场：新业 务价值同比增长 30%，其中新进入市场同比增长 44%；价值率同比提升 6.4 个百分点。公司预计年内仍将拓展1-2 个新省市。新加坡市场新业务价 值同比增长 26.6%，增长主要来自长期储蓄险；泰国、马来西亚和其他市 场也有个位数增速（以固定汇率计，泰国+16%，马来西亚+14%，其他市 场+9%）。 个股评级 买入 1 年股价表现 资料来源: FactSet 8/23 12/23 4/24 8/24 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15%1299 HK 恒生指数 此报告最后部分的分析师披露、商业关系披露和免责声 ...

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