Core Viewpoint - Morgan Stanley forecasts that AIA's new business value for Q3 will increase by 15% year-on-year at constant exchange rates, continuing the momentum from a 14% year-on-year increase in the first half of the year [1] Group 1: Market Performance - The Hong Kong market is expected to achieve a 20% growth in new business value at constant exchange rates, driven by the launch of popular new participatory products [1] - The mainland market's new business value is projected to rise by 9% year-on-year, with healthy demand anticipated due to a new round of interest rate cuts, along with regional business expansion and growth in bancassurance channels [1] Group 2: Analyst Rating - Morgan Stanley maintains an "Overweight" rating on AIA, with a target price set at HKD 96 [1]

Core Viewpoint - Bank of America Securities reports that AIA Group (01299) is expected to announce its operating data for the first three quarters of the year at the end of October, with a projected year-on-year growth of 15% for both the third quarter and the first nine months in terms of new business value (VNB) at actual exchange rates, maintaining an annual growth forecast of 14% to 15% [1] Group 1 - The potential upside may come from accelerated growth in China and smaller ASEAN markets [1] - The target price remains unchanged at HKD 90, with a "Buy" rating [1] - In terms of market segmentation, the mainland China market's VNB returned to growth in the second quarter, with expectations for continued growth in the third quarter, projected at 3% to 5%, indicating slight quarter-on-quarter improvement [1] Group 2 - For the Hong Kong market, the VNB growth from mainland visitors is expected to slow to 14% year-on-year, down from approximately 30% in the first half of the year, while local customer VNB growth may remain around 20% year-on-year [1]

Core Viewpoint - Bank of America Securities anticipates AIA Group (01299) to report a year-to-date operating data for the first three quarters at the end of October, with expected year-on-year growth of 15% for both the third quarter and the first nine months in terms of new business value (VNB) at actual exchange rates, maintaining an annual growth forecast of 14% to 15% [1] Group 1 - The potential upside may come from accelerated growth in China and smaller ASEAN markets [1] - The target price remains unchanged at HKD 90, with a "Buy" rating [1] - In terms of market segmentation, the mainland China market's VNB has resumed growth in the second quarter, with expectations for continued growth in the third quarter, projected at 3% to 5% [1] Group 2 - For the Hong Kong market, the VNB growth from mainland visitors is expected to slow to 14% year-on-year, down from approximately 30% in the first half of the year [1] - Local customer VNB growth is projected to remain around 20% year-on-year [1]

Core Viewpoint - Morgan Stanley forecasts AIA Group (01299) to achieve a 15% year-on-year increase in new business value for Q3, continuing the momentum from a 14% increase in the first half of the year [1] Group 1: Market Performance - The Hong Kong market is expected to see a 20% year-on-year growth in new business value for Q3, driven by the launch of popular new participatory products [1] - The mainland market is projected to have a 9% year-on-year increase in new business value, supported by healthy demand due to a new round of interest rate cuts, regional business expansion, and growth in bancassurance channels [1] - The Thai market is anticipated to achieve a 20% year-on-year growth in new business value, with annualized premium equivalent growth of 13% in July and August, alongside stable profit margins for certain medical products [1] Group 2: Product Appeal - The Singapore market is expected to see a 19% year-on-year increase in new business value, with new linked products likely to remain attractive to consumers [1]

Core Viewpoint - UBS expects AIA Group to announce its Q3 2025 results on October 31, forecasting a year-on-year increase in new business value (VNB) of 18% at actual exchange rates (AER) and 17% at constant exchange rates (CER), which is an acceleration compared to the first half's growth rates of 16% and 14% respectively [1] Group 1 - The forecast for AIA's new business value in mainland China is a year-on-year rebound of 20%, contrasting with a 4% decline in the first half [1] - UBS estimates that AIA's embedded value (EV) for the second half of 2025 will increase by 10% compared to the first half, which saw a growth of 2.6% [1] - The firm maintains a target price of HKD 88 for AIA and reiterates a "Buy" rating based on recent adjustments to earnings and embedded value in light of the latest macroeconomic environment [1]

Core Viewpoint - Morgan Stanley forecasts that AIA Group (01299) will see a 15% year-on-year increase in new business value for Q3, continuing the momentum from a 14% increase in the first half of the year [1] Group 1: Market Performance - The Hong Kong market is expected to achieve a 20% year-on-year growth in new business value for Q3, driven by the launch of popular new participatory products [1] - The mainland market is projected to see a 9% year-on-year increase in new business value, supported by healthy demand due to a new round of interest rate cuts, regional business expansion, and growth in bancassurance channels [1] - The Thai market is anticipated to experience a 20% year-on-year growth in new business value, with annualized premium equivalents in July and August showing a 13% year-on-year increase, alongside stable profit margins for certain medical products [1] - The Singapore market is expected to achieve a 19% year-on-year growth in new business value, with new linked products likely to remain attractive [1] Group 2: Investment Rating - Morgan Stanley maintains an "Overweight" rating for AIA Group, with a target price set at HKD 96 [1]

Core Viewpoint - UBS estimates that AIA Group (01299) will see a 10% half-on-half increase in embedded value (EV) in the second half of 2025, compared to a 2.6% increase in the first half [1] Group 1: Financial Performance - UBS maintains the target price for AIA at HKD 88 and retains a "Buy" rating [1] - AIA is expected to report a year-on-year increase in new business value (VNB) of 18% and 17% on an actual exchange rate (AER) and constant exchange rate (CER) basis, respectively, for the third quarter, accelerating from 16% and 14% growth in the first half [1] - The strong growth is primarily driven by a robust rebound in the Chinese market [1] Group 2: Market Insights - Despite the introduction of interest rate cap guidelines on July 1, AIA's new business value growth in Hong Kong remains strong, supported by the momentum from mainland visitors in the agency channel [1] - AIA's new business value in China is predicted to rebound by 20% year-on-year in the third quarter, contrasting with a 4% decline in the first half [1] - In Thailand, UBS anticipates a high single-digit year-on-year growth in new business value for AIA [1] - In Singapore, due to product mix adjustments in April, the year-on-year growth rate for new business value in the third quarter is expected to slow compared to the first half [1] - In Malaysia, new business value is expected to recover moderately as headwinds in the agency channel gradually dissipate [1] - Other markets, particularly India and Vietnam, are projected to support double-digit growth in AIA's new business value [1]

Core Viewpoint - UBS estimates that AIA Group Limited (01299.HK) will see a 10% half-year increase in embedded value (EV) in the second half of 2025, following a 2.6% increase in the first half. UBS has adjusted its earnings and embedded value forecasts based on the latest macroeconomic environment but maintains a target price of HKD 88 and a "Buy" rating for AIA [1][2]. Group 1: Analyst Ratings - The majority of investment banks have a "Buy" rating for AIA, with 8 banks issuing buy ratings in the last 90 days. The average target price over this period is HKD 85.37 [1]. - CMB International Capital Corporation Limited has set the highest target price at HKD 89, while other banks have set target prices ranging from HKD 83 to HKD 85.90 [1][2]. Group 2: Company Performance Metrics - AIA's market capitalization is HKD 753.694 billion, ranking first in the insurance industry [2]. - Key performance indicators for AIA include a Return on Equity (ROE) of 14.76%, which is above the industry average of 13.8%, and a net profit margin of 22.49%, significantly higher than the industry average of 17.41% [2]. - AIA's debt ratio stands at 87.56%, compared to the industry average of 74.78%, ranking 7th in the industry [2].

Core Viewpoint - UBS estimates that AIA Group (01299) will see a 10% half-year increase in embedded value (EV) in the second half of 2025, compared to a 2.6% increase in the first half. UBS maintains a target price of HKD 88 and a "Buy" rating for AIA Group [1] Group 1: Financial Performance - AIA Group is expected to announce its Q3 2025 results on October 31, with new business value (VNB) projected to increase by 18% year-on-year on an actual exchange rate (AER) basis and 17% on a constant exchange rate (CER) basis, accelerating from 16% and 14% growth in the first half [1] - UBS attributes this strong growth primarily to a robust rebound in the Chinese market [1] Group 2: Market Insights - Despite the introduction of interest rate caps in Hong Kong on July 1, AIA's new business value growth remains strong, driven by the momentum of mainland visitors in the agency channel during Q3 [1] - In China, AIA's new business value is forecasted to rebound by 20% year-on-year, contrasting with a 4% decline in the first half [1] - In Thailand, UBS anticipates high single-digit year-on-year growth in new business value for AIA [1] - In Singapore, due to product mix adjustments in April, the year-on-year growth rate for new business value is expected to slow compared to the first half [1] - In Malaysia, new business value is projected to recover moderately as headwinds in the agency channel gradually dissipate [1] - Other markets, particularly India and Vietnam, are expected to support double-digit growth in AIA's new business value [1]

Group 1 - The core viewpoint of the report is that AIA Group is expected to announce its operating data for the first three quarters of the year at the end of October, with a projected year-on-year growth of 15% in new business value (VNB) for both the third quarter and the first nine months, based on actual exchange rates [1] - The full-year growth forecast for AIA Group is estimated to be between 14% and 15%, with potential upside coming from accelerated growth in mainland China and smaller ASEAN markets [1] - Bank of America maintains its target price for AIA Group at HKD 90 and continues to rate the stock as "Buy" [1] Group 2 - AIA Group plans to forfeit the unclaimed interim dividend for 2019 [2] - The Hong Kong stock market has seen a general rise in insurance stocks, with China Ping An and AIA Group both increasing by over 2%, indicating a clear recovery trend in the industry [2]