AIA Group Limited 2025年中期報告 股份代號：1299（港幣櫃台）及 81299（人民幣櫃台） 友邦保險在2025年上半年締造卓越業績 新業務價值上升14% 每股稅後營運溢利增加12%；每股產生的基本自由盈餘上升10% 每股中期股息增加10% 友邦保險控股有限公司（「本公司」）董事會欣然公佈本集團截至2025年6月30日止六個月的財務業績。除另 有說明外，增長率均按固定匯率基準列示： 新業務表現及內涵價值 國際財務報告會計準則盈利及產生的自由盈餘 股息及資本 友邦保險集團首席執行官兼總裁李源祥表示： 「友邦保險在2025年上半年締造卓越的營運及財務表現，足以證明我們具備正確的策略性優先任務，以把握 亞洲人壽及健康保險市場無可比擬的機遇。本集團的新業務價值錄得14%(1)的強勁增長，在我們的18個市 場中，有13個錄得增長。」 「『最優秀代理』是我們無可比擬的分銷平台之核心，代理新業務價值增長17%。此乃由於我們的代理日益 受惠於生成式人工智能的轉型力量及我們在科技上積累的投資，促使活躍代理人數增加及生產力提升所驅 動。我們『最優秀代理』的規模和質素令友邦保險脫穎而出。我們連續第11年成為全 ...

Regulatory Dynamics - The three departments are exploring the construction of a forest insurance product system, including index insurance, yield insurance, income insurance, and liability insurance [7] - The Ministry of Commerce will increase support for export credit insurance and enhance the convenience of insurance services [8] - The Financial Regulatory Bureau has introduced new regulations for insurance company capital guarantee deposits [9] - In 2024, the compulsory traffic insurance premium income is projected to be 271.06 billion, with claims costs at 226.28 billion [10] - The Financial Regulatory Bureau has abolished 11 regulatory documents related to the insurance industry [11] - From January to July 2025, the insurance industry’s original premium income exceeded 4.2 trillion, with claims expenditures exceeding 1.5 trillion [12] - The Medical Insurance Bureau reported that from January to July 2025, the basic medical insurance fund income exceeded 1.68 trillion, with expenditures nearing 1.37 trillion [13] Company Dynamics - Ping An Life has made three significant investments in Agricultural Bank's H-shares within six months [20] - Minsheng Insurance increased its stake in Zheshang Bank's H-shares to 6.03% [21] - Hongkang Life raised its stake in Zhengzhou Bank's H-shares to 21.24% [22] - Hongkang Life also increased its stake in Honghua Smart Energy to 7.05% [23] - China Ping An plans to cancel 103 million A-shares [24] - China Life has established a venture capital fund with a registered capital of 1 billion [25] - Sunshine Life, along with Tencent and other partners, has set up an equity investment fund with an investment of approximately 22.43 billion [27] - AIA Life has established an equity investment fund in Tianjin with a total investment of 4.5 billion [28] - Guolian Life has set up a 1.22 billion fund to invest in new quality productivity and smart technology [29] - China Pacific Insurance reported a net profit of 27.885 billion for the first half of the year, a year-on-year increase of 11% [30] - China Taiping reported a net profit of 6.764 billion HKD for the first half of the year, a year-on-year increase of 12.2% [32] - New China Life's net profit for the first half of the year was 14.799 billion, a year-on-year increase of 33.5% [34] - China Life's net profit reached 40.931 billion for the first half of the year, a year-on-year increase of 6.9% [35] - China Insurance reported a net profit of 26.530 billion for the first half of the year, a year-on-year increase of 16.9% [36] - China Ping An's operating profit for the first half of the year was 77.732 billion, a year-on-year increase of 3.7% [38] - China Re reported total premium income of 103.835 billion for the first half of the year, with a net profit growth of 9.0% to 6.244 billion [41] Industry Dynamics - A total of 73 life insurance companies reported a combined net profit of 185.8 billion for the first half of the year, with a year-on-year increase of approximately 25% [64] - The first AIC equity investment fund that incorporates bank insurance funds has been established with a capital of 1 billion [65] - Another insurance asset private equity fund has completed registration [66]

Market Overview - The Hang Seng Index (HSI) closed at 25,396.69, down by 21.29 points or 0.08% [1] - The index reached a high of 25,458.93 and a low of 25,246.93 during the trading session, with a trading volume of 60.2632 million [1] - The 52-week high for the index is 25,778.47, while the 52-week low is 17,034.99 [1] Blue Chip Stocks Performance - Major blue-chip stocks showed mixed performance, with HSBC Holdings closing at HKD 102.314, up 0.21% from the Hong Kong close [2] - Tencent Holdings closed at HKD 605.606, reflecting a slight increase of 0.02% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings saw a price increase of HKD 13.000, representing a rise of 2.19% [3] - Alibaba Group (W) increased by HKD 2.000, or 1.54% [3] - HSBC Holdings rose by HKD 2.500, marking a 2.51% increase [3] - China Ping An experienced a decrease of HKD 0.200, or -0.36% [3] - Kuaishou Technology saw a significant increase of HKD 3.050, or 4.36% [3]

Core Insights - AIA Group's CEO, Lee Yuanxiang, emphasized that mainland China is the most important market for the company, showcasing significant potential for growth [1] - The latest half-year report revealed a 14% increase in new business value to $2.838 billion, with 13 out of 18 markets experiencing growth, and a 3.4% year-on-year increase in new business value margin to 57.7% [1] Group 1: Long-term Investment in China - AIA established its first branch in Shanghai in 1992, being one of the earliest foreign insurance companies to obtain a personal insurance business license in China [2] - Since 2019, AIA has expanded to 14 operational regions in mainland China and plans to add 1-2 new provincial branches annually [2] - In 2022, AIA invested 12.033 billion RMB in China Post Insurance, becoming its second-largest shareholder, and provided technical support for its successful transformation [2] Group 2: Asset Management Company Establishment - The approval for the establishment of AIA Asset Management Company marks a significant milestone in AIA's ongoing development in mainland China [3] Group 3: Synergy Between Assets and Liabilities - Regional expansion is a core driver of AIA's growth in mainland China, with a focus on optimizing the synergy between assets and liabilities for future growth [4] - In a low interest rate environment, AIA is shifting its focus on long-term savings to diversified and participating products, promoting balanced development across various insurance types [4] - The company believes that the development of participating insurance will thrive in a low interest rate environment, benefiting both the company and clients [4] Group 4: Differentiated Bancassurance Strategy - AIA is committed to a differentiated bancassurance model, focusing on a few banks that align with its long-term cooperation vision, targeting high-income and high-net-worth clients [5] - The implementation of the "Bancassurance Integration" policy and ongoing interest rate adjustments have made the bancassurance market more standardized and healthy, which AIA views as a future opportunity [6]

Core Insights - AIA Life Insurance has launched the "Be Best Entrepreneurship Plan" in Shandong, aiming to enhance its marketing channels and support for outstanding agents, thereby invigorating the local life insurance market [1][5][7] - The "Excellence Agent 3.0" strategy focuses on reshaping value and customer experience, contributing significantly to the company's new business value [3][4] Group 1: Business Performance - AIA's new business value reached $2.838 billion in the first half of 2025, representing a 14% year-on-year increase [3] - The weighted premium income for AIA Life Insurance grew by 14%, with over 80% of the new business value attributed to the agent channel [3][4] Group 2: Talent Development - The "Be Best Entrepreneurship Plan" offers a "worry-free" income guarantee for new agents, ensuring a minimum income of $20,000 annually upon meeting performance standards [6][7] - AIA Life Insurance emphasizes the recruitment of high-quality talent, with a significant proportion of agents holding advanced degrees and coming from top universities [4][8] Group 3: Training and Support - The company has established a comprehensive training system, AIA U, in collaboration with prestigious institutions, to develop agents into multi-disciplinary professionals [9][10] - The plan includes a clear career development path for agents, from initial training to potential leadership roles, fostering a supportive environment for career growth [6][7]

Group 1 - On September 4, a total of 35 Hong Kong stocks were repurchased by companies, with 5 stocks having repurchase amounts exceeding 10 million HKD [1] - Tencent Holdings, China Hongqiao, and Midea Group had the largest repurchase amounts, totaling 551 million HKD, 83.56 million HKD, and 25.84 million HKD respectively [1] - Year-to-date, 224 Hong Kong stocks have been repurchased, with 45 stocks having cumulative repurchase amounts exceeding 100 million HKD [1] Group 2 - The companies with the highest cumulative repurchase amounts year-to-date are Tencent Holdings, HSBC Holdings, and AIA Group, with repurchase amounts of 47.751 billion HKD, 24.673 billion HKD, and 17.693 billion HKD respectively [1]

Short Selling Ratios - AIA Group Limited (81299) and JD Health (86618) have the highest short selling ratios at 100.00% each, followed closely by JD Group (89618) at 99.04% [1] - Other notable companies with high short selling ratios include BYD Company Limited (81211) at 89.57% and Tencent Holdings Limited (00700) at 84.79% [1] Short Selling Amounts - Alibaba Group (09988) leads in short selling amount with HKD 3.29 billion, followed by Tencent Holdings (00700) at HKD 1.01 billion and Xiaomi Corporation (01810) at HKD 978 million [1] - Other significant short selling amounts include Meituan (03690) at HKD 969 million and BYD Company (01211) at HKD 921 million [1] Deviation Values - JD Group (89618) has the highest deviation value at 45.15%, indicating a significant difference from its average short selling ratio over the past 30 days [1] - Other companies with high deviation values include Xiehe New Energy (00182) at 41.14% and Tencent Holdings (80700) at 38.67% [1]

Core Viewpoint - AIA Group Limited (01299) announced the granting of 126,600 stock options to an employee of its subsidiary, as part of its revised stock option plan adopted on May 29, 2020 [1] Summary by Relevant Sections - **Stock Options Granted**: The company granted a total of 126,600 stock options to the designated employee, allowing the right to receive either shares or cash equivalent to the difference between the subscription price and the market price on the exercise date or nearby [1] - **Plan Details**: The stock option plan was originally adopted on May 29, 2020, and has been revised since then [1]

Core Viewpoint - AIA Group Limited (01299) announced the grant of 126,600 stock options to an employee of its subsidiary, as part of its revised stock option plan adopted on May 29, 2020 [1] Summary by Relevant Sections - **Stock Option Grant** - The company granted a total of 126,600 stock options to a designated employee [1] - **Plan Details** - The stock options will allow the employee to receive either 126,600 new ordinary shares or an equivalent cash amount, which will be determined by the board based on the difference between the subscription price and the market price of the shares on or around the date of exercise [1]

Core Viewpoint - AIA Group Limited (01299.HK) announced the grant of 126,600 stock options to an employee of its subsidiary, as part of its stock option plan adopted on May 29, 2020 [1] Summary by Relevant Sections - **Stock Option Grant**: The company granted 126,600 stock options to an employee, allowing the recipient to receive either new ordinary shares or cash equivalent to the difference between the subscription price and the market price on the exercise date or surrounding dates, as determined by the board [1]