Investment Rating - The investment rating for AIA Group Limited is "Buy" (maintained) [1] Core Insights - The new business value (NBV) for the first quarter of 2025 increased by 13% year-on-year, indicating a recovery in the new business value rate [7] - The annualized new premium (ANP) reached 2.62 billion USD, reflecting a 7% year-on-year growth [7] - The NBV margin improved to 57.5%, up by 3 percentage points year-on-year, with expectations for continued recovery in 2025 [7] - The company has initiated a share repurchase plan of 1.6 billion USD, which began on April 14 [7] - The forecast for after-tax operating profit for 2025-2027 is maintained at 7.24 billion, 7.98 billion, and 8.71 billion USD respectively, indicating a positive outlook [7] Financial Performance Summary - Insurance revenue is projected to grow from 19.31 billion USD in 2024 to 21.90 billion USD in 2027, with a compound annual growth rate (CAGR) of approximately 4.43% [20] - After-tax operating profit is expected to increase from 6.61 billion USD in 2024 to 8.71 billion USD in 2027, reflecting a growth trajectory [20] - Earnings per share (EPS) is forecasted to rise from 0.64 USD in 2024 to 0.92 USD in 2027 [20] - The price-to-earnings (P/E) ratio is projected to decrease from 11.00 in 2024 to 7.66 in 2027, indicating potential undervaluation [20]

Group 1 - The Hang Seng Index closed up by 0.51% while the Tech Index rose by 1.35% [1] - Chow Tai Fook (01929.HK) saw an increase of approximately 8% in its stock price [1] - AIA Group (01299.HK) experienced a rise of over 6% in its stock price [1]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 85.00 [8][9]. Core Insights - The company's new business value (NBV) showed a robust growth of 13% year-on-year in Q1 2025, with a 16% increase in Hong Kong and an 8% increase in mainland China when adjusted for economic assumptions [1][2][3]. - The company aims for a compound annual growth rate (CAGR) of 9-11% in earnings per share (EPS) from 2023 to 2026 [1]. - The Southeast Asian market, particularly Thailand and Singapore, demonstrated strong growth in NBV, driven by regulatory changes and improved agent productivity [4]. Summary by Sections New Business Value (NBV) Performance - In Q1 2025, the NBV in Hong Kong increased by 16%, continuing a trend of double-digit growth despite a high base from the previous year [3]. - In mainland China, the NBV saw a stable growth of 8% when excluding the impact of economic assumption adjustments, although it faced a decline of 7% due to a reduction in long-term investment return assumptions [2]. Market Expansion and Channel Performance - The agent channel contributed significantly to the company's NBV, with a 21% year-on-year growth, accounting for over 75% of the total NBV [1]. - The company is expanding its operations in mainland China, with new approvals to operate in provinces such as Anhui, Shandong, Chongqing, and Zhejiang [2]. Financial Forecast and Valuation - The EPS forecasts for 2025, 2026, and 2027 are adjusted to USD 0.63, USD 0.70, and USD 0.78 respectively, with a target price maintained at HKD 85 based on book value and embedded value methods [5]. - The projected gross premium income for 2025 is USD 20.524 billion, reflecting a growth rate of 6.27% [7][22].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company demonstrated strong growth resilience, with significant new customer acquisition in tax-advantaged products in China and rapid expansion in business regions, suggesting good long-term growth potential [4]. - The company reported a 13% year-on-year increase in New Business Value (NBV) for Q1 2025, reaching $1.497 billion, with a margin improvement of 3.0 percentage points to 57.5% [2]. - The recent $1.6 billion share buyback program commenced on April 14, 2025, expected to be completed within three months [3]. Financial Performance Summary - For 2025, the projected insurance revenue is $20.454 billion, reflecting a year-on-year growth of 5.9% [9]. - The forecasted net profit attributable to shareholders for 2025 is $6.732 billion, with a slight decrease of 1.5% year-on-year [9]. - The New Business Value is expected to reach $54.23 billion in 2025, with a year-on-year growth of 15.1% [9]. - The company's earnings per share (EPS) for 2025 is projected at $0.63, with a price-to-earnings (P/E) ratio of 11.17 [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company demonstrated strong growth resilience, with significant new customer acquisition in tax-advantaged products in China and rapid expansion in business regions, suggesting good long-term growth potential [4]. - The company reported a 13% year-on-year increase in New Business Value (NBV) for Q1 2025, reaching $1.497 billion, with a margin improvement of 3.0 percentage points to 57.5% [2]. - The company has initiated a $1.6 billion share buyback program, expected to be completed within three months [3]. Financial Performance - The NBV growth was driven by a favorable shift in product mix, with agency channel NBV increasing by 21% to $1.218 billion, contributing over 75% of total NBV [2]. - The company forecasts a compound annual growth rate (CAGR) of 9% to 11% for after-tax operating profit per share from 2023 to 2026 [3]. - Insurance revenue is projected to grow from $17.514 billion in 2023 to $22.678 billion by 2027, reflecting a year-on-year growth rate of 7.3% to 10.3% [9][10]. Regional Performance - AIA Hong Kong reported a 16% increase in NBV, benefiting from balanced growth in local and mainland Chinese visitors [2]. - AIA Thailand experienced exceptional NBV growth due to regulatory changes that introduced personal medical insurance products, leading to strong agency channel sales [2]. - AIA Singapore saw robust NBV growth, particularly in unit-linked long-term savings products, with strong agency productivity [2]. Valuation Metrics - As of now, the company's Price to Embedded Value (PEV) stands at 1.04 times, indicating a low valuation level and suggesting long-term investment value [4]. - The projected earnings per share (EPS) is expected to grow from $0.35 in 2023 to $0.79 by 2027, with a corresponding increase in Return on Equity (ROE) from 8.8% to 18.8% over the same period [9][10].

4月29日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | （万港元） | （港元） | （港元） | （万港元） | | 01299 | 友邦保险 | 625.92 | 34256.50 | 55.350 | 54.250 | 745275.88 | | 01378 | 中国宏桥 | 693.70 | 9623.15 | 13.900 | 13.760 | 196934.90 | | 00019 | 太古股份公 司A | 21.00 | 1390.23 | 66.750 | 65.700 | 148209.16 | | 01972 | 太古地产 | 60.00 | 1010.71 | 17.000 | 16.720 | 65322.39 | | 01519 | 极兔速递-W | 154.00 | 924.85 | 6.030 | 5.980 | 15978.15 | | 00975 | MONGOL MINING | 12 ...

友邦保险集团首席执行官兼总裁李源祥表示： "我们经验丰富的管理团队致力构建长远、可持续的优质业务，并继续专注于执行我们的策略性优先任 务，让集团能够在环球资本市场波动的环境下取得佳绩，并把握亚洲这个全球最具吸引力的人寿及健康 保险市场的强劲基本增长动力。本人深信，友邦保险凭借雄厚的竞争优势，将继续为所有持份者缔造长 远、可持续的价值。" "友邦保险建基于2024年的卓越业绩，在2025年第一季保持增长势头，录得15亿美元的新业务价值，较 去年创新高的季度表现上升13%。我们能够持续及有规模地把握盈利性的新业务机遇，实有赖集团高度 多元化及强韧的业务模式，以及市场对友邦保险产品和服务与日俱增的需求。" "友邦保险的『最优秀代理』是我们增长策略的关键支柱，在2025年第一季所带来的新业务价值，占集 团整体超过75%。我们透过强劲和高质素的招聘持续提升我们的市场覆盖，支持整体活跃代理人数增长 8%。我们别树一帜的代理模式专注于建立长期客户关系，并由领先的数码平台所驱动，使得代理活跃 度及生产力进一步提升，同时保持多元化及具韧性的产品组合。" 友邦保险(01299)发布公告，于2025年第一季度，增长率按固定汇率基准 ...

以金额进行统计，4月17日回购金额最多的是友邦保险，回购金额为2.44亿港元；其次是中国宏桥，回 购金额为1.11亿港元；回购金额居前的还有瑞声科技、波司登等。回购数量上看，4月17日回购股数最 多的是有赞，当日回购量为1380.00万股；其次是中国宏桥、波司登等，回购数量分别为850.80万股、 500.00万股。 值得关注的是，卡罗特本次回购为年内首次进行回购。本次回购2.44亿港元的友邦保险，年内则进行多 次回购，合计回购金额为61.97亿港元。（数据宝） 证券时报·数据宝统计显示，4月17日有50家香港上市公司进行了股份回购，合计回购4720.10万股，回购 金额4.97亿港元。 友邦保险回购数量450.00万股，回购金额2.44亿港元，回购最高价为54.250港元，最低价为53.000港元， 年内累计回购金额61.97亿港元；中国宏桥回购数量850.80万股，回购金额1.11亿港元，回购最高价为 13.280港元，最低价为12.780港元，年内累计回购金额16.22亿港元；瑞声科技回购数量90.00万股，回购 金额3006.05万港元，回购最高价为33.800港元，最低价为32.450港元，年内累计 ...

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