本公告僅供參考，並不構成任何人士收購、購買或認購證券的邀請或要約。本公告並非亦無意作為在美國發售本公司證券供出售的要 約。本公司證券並無亦不會根據1933年美國證券法（經修訂）（「美國證券法」）登記，且不得未根據美國證券法登記或適用豁免登記規 定而在美國發售或出售。本公司證券並無亦無計劃在美國公開發售。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 AIA Group Limited 友邦保險控股有限公司 （於香港註冊成立的有限公司） 股份代號：1299（港幣櫃台）及81299（人民幣櫃台） 截至2025年12月31日止年度全年業績 友邦保險在2025年業績創新高 新業務價值上升15%；每股稅後營運溢利增加12%；每股產生的基本自由盈餘上升11% 全年每股股息增加10%；新一輪17億美元股份回購 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12月31日止年度的財務業績。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 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - Short-term trading factors are suppressing insurance stock valuations, but this is not expected to alter the profit improvement outlook for listed insurance companies. The government work report guides the industry towards high-quality development, with a growth in new insurance premiums through bancassurance channels. The report emphasizes the certainty of profit improvement in the insurance sector despite recent valuation pressures [3][6]. Summary by Sections 1. Short-term Valuation Pressure Does Not Change Profit Improvement Expectations - From March 2 to March 13, the Shenwan Insurance Index (801194.SI) fell from 1401.76 to 1369.48, a decline of -2.30%. In the same period, the CSI 300 index decreased by -1.26%, the Shanghai Composite Index by -2.08%, and the Hang Seng Index by -2.28%. The report identifies trading concerns as the core factor behind the divergence between corporate profit improvement and stock prices, with a high certainty of profit improvement in the insurance sector under stable interest rates and a slow bull market assumption [7][8]. 2. Industry Event Tracking 2.1. Government Work Report Guides High-Quality Development - The government work report emphasizes the role of insurance in various key areas, including livelihood security and rural revitalization. It sets high-quality development goals for the insurance sector, including improvements in commercial health insurance and agricultural insurance [12]. 2.2. Growth in New Insurance Premiums - In February, 79 life insurance companies reported a total of 69 billion yuan in new premiums through bancassurance channels, a year-on-year increase of 6.9%. Cumulatively, new premiums for January and February reached 281.4 billion yuan, up 21.7% year-on-year [13]. 2.3. Steady Increase in Industry Assets - As of the end of Q4 2025, the total assets of insurance institutions reached 41.31 trillion yuan, reflecting a year-on-year growth of 15.1% [13]. 2.4. Investment in Venture Capital - Several insurance companies, including New China Life and Zhonghui Life, have invested in the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, marking their formal participation in venture capital [14]. 2.5. Capital Increases by Multiple Insurance Companies - By March 2026, several insurance institutions, including Ping An Life and Dajia Property Insurance, have initiated capital increases totaling over 5 billion yuan [15]. 3. Company Event Tracking 3.1. New Management at Taiping Life - Wang Xuze has been appointed as the General Manager of Taiping Life, effective March 2026, overseeing the company's overall management [16]. 3.2. Launch of New Insurance Product by ZhongAn Insurance - ZhongAn Insurance has launched the "Zhongminbao·High-end Medical Insurance 2026," which covers various medical scenarios for individuals with pre-existing conditions [16]. 4. Investment Recommendations - The report recommends stocks such as Ping An, China Pacific Insurance, New China Life, China Property Insurance, China Life, and China People's Insurance Group, citing strong growth in new business value (NBV) and improved underwriting profitability in the property insurance sector [16].

Core Insights - AIA Group Limited has released a new study revealing that deep-rooted stereotypes regarding physical, mental, and financial health significantly influence public attitudes and behaviors towards well-being [1] Group 1: Study Findings - 69% of respondents believe that fitness requires strict self-discipline and cannot be relaxed [2] - 59% think that improving health necessitates a complete transformation [3] - 57% feel that to gain respect, one must control their emotions and avoid showing vulnerability [4] - 63% hold negative views on financial health stereotypes; 41% link personal value to wealth achievements, particularly among men [5] Group 2: Implications and Initiatives - The study indicates that ingrained expectations regarding physical fitness, wealth, and mental health create significant pressure on individuals, affecting self-perception and health journeys [1] - AIA Group aims to assist the public in reflecting on narrow perceptions of health and to promote a broader understanding of well-being through its "New Health Enjoyment" initiative [1] - The initiative includes three new short films addressing the invisible pressures in daily life, such as expectations of achievement and family responsibilities [5][6][7] - AIA Group is committed to inspiring and promoting the well-being of one billion people by 2030 through responsible health narratives and inclusive dialogues [7]

Group 1 - The core point of the article is the appointment of Jiang Limin as Chief Business Officer of Chubb Life, effective March 1, 2026, focusing on growth strategies in the Greater Bay Area [4][3]. - Jiang Limin has over 20 years of experience in AIA, holding various senior positions, including Chief Customer Officer and Deputy General Manager of AIA Guangdong [4]. - Chubb Life is a division of Chubb Insurance Group responsible for global life insurance business, which recently rebranded from Cigna Global Life after acquiring part of Cigna's Asia-Pacific life and non-life businesses in 2022 [4]. Group 2 - Chubb Insurance Group has been increasing its stake in Huatai Insurance, now holding 87.1514% of the company, making it the actual controller, marking a significant move in the Chinese insurance market [4].

Industry Overview - The Zacks Life Insurance industry includes companies providing life insurance, annuities, and retirement products, with the global life insurance market projected to grow to $7.13 trillion by 2026 and $11 trillion by 2032, at a CAGR of 7.5% [3] - Emerging markets are expected to experience faster growth due to low insurance penetration, while developed markets may see slower growth due to market maturity [3] - The industry is witnessing accelerated technology adoption, but rising mortality or loss cost trends may impact profitability [3] Trends Impacting the Industry - The Federal Reserve has lowered interest rates, which may challenge life insurers as they invest premiums to meet guaranteed obligations, leading to muted investment returns [4][2] - Life insurers are increasingly combining insurance with wealth management and healthcare services to cater to customer preferences for "living" benefits [5] - The shift towards digital platforms and online sales is evident, with insurers leveraging AI and machine learning for customized coverages and premium calculations [6][7] Current Performance and Valuation - The Zacks Life Insurance industry currently holds a Zacks Industry Rank of 88, placing it in the top 36% of 255 Zacks industries, indicating strong near-term prospects [8] - Year-to-date, the Life Insurance industry has underperformed the S&P 500 and Finance sector, with a collective gain of 6% compared to 14.1% for the Finance sector and 24.2% for the S&P 500 [10] - The industry is trading at a trailing 12-month price-to-book (P/B) ratio of 1.81X, significantly lower than the S&P 500's 7.96X and the Finance sector's 4.14X [13] Company Highlights - **AIA Group Limited**: Based in Hong Kong, AIA is expected to see earnings growth of 28.3% and 13.8% in 2026 and 2027, respectively [19] - **Manulife Financial Corporation**: Headquartered in Canada, MFC anticipates core EPS growth of 10% to 12% over the medium term, with earnings estimates for 2026 and 2027 indicating increases of 9% and 8.5% [22][23] - **Sun Life Financial**: The third largest insurer in Canada, Sun Life aims for underlying growth of 8-10% and has earnings estimates for 2026 and 2027 showing increases of 7.5% and 11.1% [26][27] - **Reinsurance Group of America**: A leading global provider of life and health reinsurance, RGA is expected to benefit from better pricing and has earnings estimates for 2026 and 2027 indicating increases of 15.8% and 7.7% [28][29]

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - The 2026 government work report emphasizes the goal of enhancing the quality and expanding the coverage of the insurance industry, further promoting high-quality development [3][4]. - The report highlights multiple areas where insurance plays a crucial role, including livelihood security, rural revitalization, and risk prevention [4]. - Key tasks for 2026 include improving the multi-tiered medical security system, increasing the minimum monthly basic pension for urban and rural residents by 20 yuan, and enhancing agricultural insurance measures [5][6]. Summary by Relevant Sections Livelihood Security Insurance - The report outlines the establishment of a long-term mechanism for basic medical insurance participation and the introduction of an innovative drug directory for commercial health insurance, with long-term care insurance covering 300 million people [5][6]. - It also mentions the need to combat fraud in medical insurance and to accelerate the development of commercial health insurance [6]. Pension Insurance - The minimum standard for basic pensions will be increased by 20 yuan, and a personal pension system will be implemented nationwide [5][6]. Agricultural Insurance - Measures to promote agricultural insurance development will be formulated to enhance comprehensive disaster prevention and reduction capabilities [6]. Catastrophe Insurance - The report calls for the establishment of a catastrophe insurance guarantee system to maintain national security and social stability [6]. Export Credit Insurance - There will be increased support for credit and insurance to stabilize foreign trade and expand the use of the Renminbi in cross-border transactions [6]. Capital Market and Risk Management - The report emphasizes the need for orderly risk resolution and capital replenishment in the financial sector, with a focus on enhancing the stability of insurance companies [5][6]. - It highlights the importance of insurance funds as a significant source of long-term capital, with a recommendation for a more stable allocation of equity assets [5][6]. Investment Recommendations - The report recommends stocks such as Ping An Insurance, China Pacific Insurance, New China Life, China Property & Casualty Insurance (H), China Life, and China Re (H) for investment [5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 友邦保險控股有限公司 | | | | 呈交日期: | 2026年3月5日 | | | | I. 法定/註冊股本變動 | 不適用 | | | | 備註： | | | | | 友邦保險控股有限公司(「本公司」)並無法定股本及/ 或其普通股並無股份面值。 | | | | FF301 第 1 頁 共 11 頁 v 1.2.0 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01299 | | 說明 | | | | | | | 多櫃檯證券代號 | 81299 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 ...

Group 1 - The insurance stocks that had been declining have rebounded, with AIA Group rising over 5% [1] - China Reinsurance and Yunfeng Financial both increased by over 4% [1] - China Pacific Insurance rose by 3.7%, while China Life, New China Life, and ZhongAn Online gained over 2% [1] - China People's Insurance, China Property & Casualty Insurance, Sunshine Insurance, China Life Insurance, and Ping An Insurance all saw increases of over 1% [1]

Group 1 - Insurance stocks that had been declining have rebounded, with AIA Group rising over 5%, China Reinsurance and Yunfeng Financial up over 4%, and China Taiping increasing by 3.7% [1][1] - Guotai Junan released a report expressing optimism about undervalued insurance stocks and their valuation recovery opportunities, driven by strong demand for insurance savings from residents and expected improvements in liability costs [1][1] - GF Securities reported that domestic equities and securities investment funds are favored by insurance institutions for 2026, with a positive outlook on the A-share market and plans for slight increases in A-share allocations [1][1] Group 2 - The long-term interest rates have been stable in the range of 1.79%-1.90% since 2026, which is expected to improve profitability for insurance companies as they optimize asset management strategies [1][1] - The report from Guotai Junan maintains an "overweight" rating for the insurance industry, anticipating a turning point in the cost of existing liabilities due to stable long-term interest rates and capital market improvements [1][1] - The majority of insurance institutions are optimistic about high-grade industrial bonds, perpetual bonds, and convertible bonds for this year, indicating a shift in investment strategy [1][1]

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [2][6]. Core Insights - The insurance sector has experienced a phase of adjustment, with a decline in the Shenwan Insurance Index from 1474.31 to 1419.21, a drop of -3.74% from February 13 to February 27. This decline occurred despite the Shanghai Composite Index and the CSI 300 Index showing positive growth during the same period [9][10]. - The report highlights that the insurance industry has significantly increased its equity asset allocation, with a rise of 1.6 trillion yuan in "stocks + funds," bringing the proportion to 15.4%. The bond allocation has increased by 0.9 percentage points to 50.4% [13][14]. - As of the end of Q4 2025, the average comprehensive solvency adequacy ratio for insurance companies was 181.1%, with a core solvency adequacy ratio of 130.4%, indicating overall strong solvency across the sector [13][14]. Summary by Sections 1. Insurance Sector Adjustment and Valuation Recovery - The report notes a significant adjustment in the insurance sector, with a focus on the stabilization of interest rates benefiting valuation recovery opportunities for undervalued insurance stocks [3][9]. 2. Industry Event Tracking - The National Financial Regulatory Administration reported that the insurance industry's total investment balance reached 38.5 trillion yuan by the end of 2025, reflecting a year-on-year increase of 15.7% [13]. - The solvency ratios of various insurance companies indicate that most are well-capitalized, with only five companies failing to meet regulatory standards [14]. - A survey indicates that most insurance institutions plan to slightly increase their allocation to A-shares in 2026, focusing on sectors such as electronics, non-ferrous metals, and pharmaceuticals [15]. 3. Company Event Tracking - China Taiping has reduced its stake in Joy City, bringing its holding below 5% [16]. - Ping An Life's chairman, Yang Zheng, is set to retire, with responsibilities transitioning to Cai Ting, the vice chairman [17]. - Zhongying Life has announced the discontinuation of two dividend insurance products, lowering the preset interest rate to 1.25% [17]. 4. Investment Recommendations - The report suggests maintaining an "Overweight" rating for the insurance sector, with specific stock recommendations including China Ping An, China Taiping, New China Life, China Pacific Insurance, China Life, and China People's Insurance Group [18].