Core Viewpoint - AIA Group reported a robust growth in New Business Value (NBV) for 1H25, with a year-on-year increase of 14% on a constant currency basis, primarily driven by the Hong Kong and Southeast Asian markets [1] Group 1: Hong Kong Market Performance - The NBV in Hong Kong experienced a strong year-on-year growth of 24% in 1H25, an increase from 16% in 1Q25, despite a high base [1] - Both mainland visitors (MCV) and local residents contributed significantly, with growth rates of 30% and 18% respectively [1] - The company recruited 15% more agents year-on-year, with the agent channel's NBV growing by 35% [1] - The bancassurance channel also saw a high growth of 27% in NBV, while the professional intermediary channel's growth was weaker at 3% [1] - Regulatory changes in Hong Kong regarding dividend insurance demonstration rates may have stimulated sales in the second quarter [1] - The company expects the MCV business to maintain strong growth momentum, projecting a 24% increase in Hong Kong's NBV for 2025 [1] Group 2: Mainland China Market Performance - The NBV in mainland China declined by 4% year-on-year in 1H25, primarily due to adjustments in the EV assumptions from the previous year [2] - Excluding the impact of these assumptions, the NBV would have increased by 10%, with a comparable year-on-year growth of 15% in 2Q25 [2] - The agent channel in mainland China contributed over 80% to the NBV, indicating a solid performance [2] - The NBV profit margin for 1H25 was 58.6% (on an ANP basis), showing a significant improvement due to the assumption adjustments [2] - The company opened nine new regions in mainland China since 2019, with a 36% year-on-year growth in NBV from these new areas, which accounted for 8% of the mainland market [2] - AIA has set a new growth target for the NBV in these new regions at a CAGR of 40% from 2025 to 2030 [2] - The company anticipates a 1% growth in mainland China's NBV for 2025 [2] Group 3: Southeast Asia Market Performance - The Southeast Asia market maintained a solid growth trajectory, with NBV growth rates of 35%, 16%, and -3% for Thailand, Singapore, and Malaysia respectively in 1H25 [2] - The high growth in Thailand may be linked to the "stop-sale" of older medical insurance products, which could pose challenges for growth in the second half of the year [2] - Other markets in Southeast Asia saw a 14% year-on-year increase in NBV, with India experiencing a notable growth of 38% [2] - The company expects a 14% growth in NBV for the Southeast Asia market (including Singapore, Malaysia, and Thailand) in 2025 [2] Group 4: Financial Performance and Forecast - The company's OPAT grew by 6% year-on-year in 1H25, with a 12% increase in OPAT per share, aligning with the company's CAGR guidance of 9%-11% for 2023-2026 [3] - The return on equity (ROE) for 1H25 was 18%, indicating strong performance [3] - The interim dividend per share was HKD 0.49, reflecting a 10% year-on-year increase, with total returns to investors (including buybacks) amounting to USD 3.7 billion [3] - The company projects a 5% growth in OPAT per share for 2025, with an estimated ROE of 17% [3] - The estimated dividend yield (including buybacks) for 2025 is expected to reach 4.7%, with an overall NBV growth forecast of 13% for 2025 [3] - The company has adjusted its 2025 EPS forecast down by 22% to USD 0.49, while maintaining the EPS forecasts for 2026 and 2027 at USD 0.70 and USD 0.79 respectively [3] - The target price remains unchanged at HKD 85, based on book value and intrinsic value methods, with a "buy" rating maintained [3]

机构：中金公司 研究员：毛晴晴/姚泽宇 1H25 新业务价值符合我们预期 友邦披露2025 半年报，新业务价值（VONB）在固定汇率（CER）和实际汇率（AER）下分别同比 +14%和+16%，基本符合我们和市场预期；每股营运利润（OPAT）同比+12%（AER 和CER），每股产 生的基本自由盈余同比上升10%（CER）和11%（AER），中期每股分红同比+10%至0.49港元，好于我 们和市场预期。 发展趋势 其他市场表现整体符合预期。1H25 友邦泰国VONB 同比+35%，受益于3月监管规则变化带来的一次性 购买，2Q25 保费增长相较1Q 已经有所放缓；友邦新加坡VONB 同比+16%，同样受益于2Q 产品迭代引 发的提前购买；友邦马来西亚代理人渠道VONB 较为疲软但已有复苏迹象，银保渠道的增长一定程度 抵消了上述负面影响；其他市场VONB 延续上升趋势。 关注独立主席换届后的战略方向。此前友邦公告Mark Tucker 将于2025 年10 月回归友邦担任独立非执行 主席及独立非执行董事，其曾在2010-2017年任友邦首席执行官兼总裁并取得优秀的经营业绩、受到较 多长线投资人认可，建议关注其上 ...

Core Viewpoint - AIA Group's (01299) Chinese operations are gaining increased market attention due to sustained recovery-driven growth and improved profit margins [1] Group 1: Growth Drivers - Management identifies three key growth drivers in the Chinese market: professional high-end agents, differentiated banking business, and geographical expansion [1] - The compound annual growth rate (CAGR) of new business value in new regions for AIA China is projected to reach 46% from the first half of 2022 to the first half of 2025 [1] Group 2: Performance and Confidence - The company has a strong performance record, encouraging recruitment trends, and positive operational results, leading management to express confidence in the company's future [1] - Morgan Stanley has set a target price of HKD 96 for AIA, maintaining an "Overweight" rating [1]

Core Viewpoint - AIA Group, the largest life insurance group in Asia, reported a strong financial performance for the first half of the year, with significant growth in new business value and operating profit, and is set to launch its wholly-owned asset management company by the end of the year [1][6]. Financial Performance - AIA Group achieved a post-tax operating profit of approximately $3.609 billion for the first half of the year, with a year-on-year increase of 12% [1]. - The new business value reached $2.838 billion, reflecting a 14% year-on-year growth, with a new business value margin of approximately 57.7%, up by 3.4 percentage points [1]. - In mainland China, AIA Life reported a new business value of about $743 million, with a new business value margin of 58.6%, an increase of 2 percentage points year-on-year [1]. Market Outlook - AIA's Chief Investment Officer, Mark Konyn, expressed optimism about the potential for further increases in Hong Kong stocks, citing a year-to-date increase of 33.14% in AIA's stock price and a 25.15% rise in the Hang Seng Index [2][4]. - The outlook for Hong Kong's economy and corporate earnings is moderately optimistic, with a GDP growth rate of 3.1% in Q2 2025 [4]. Asset Management Company - AIA Asset Management, headquartered in Shanghai, is expected to commence operations by the end of the year, with the initial focus on the group's proprietary business [7][8]. - The company will recruit talent from the market and transfer some employees from the life insurance business to form its core team [7]. - AIA Group manages nearly $300 billion in assets, primarily invested in fixed income, while ensuring not to overexpose itself to interest rate risks [8]. Expansion in Mainland China - AIA Life has rapidly expanded its insurance business in mainland China, becoming the first wholly foreign-owned life insurance company in the region [8]. - As of now, four new branches have opened, accumulating over 1,700 qualified new hires [8].

Core Viewpoint - AIA aims for a compound annual growth rate of 40% in new business value in four new regions in China from 2025 to 2030 [1][5][6]. Financial Performance - In the first half of 2025, AIA reported a 14% increase in new business value to $2.838 billion, with the China segment contributing $743 million, a 10% year-on-year growth [2][3]. - The operating profit increased to $5.893 billion, with earnings per share rising by 15% [3]. - AIA returned $3.7 billion to shareholders through dividends and share buybacks, with a 10% increase in interim dividends to HKD 0.49 per share [4]. Business Expansion in China - AIA has intensified its business operations in mainland China, particularly in Anhui, Shandong, Chongqing, and Zhejiang, where over 1,700 new agents have been established, targeting 100 million potential customers [2][5][6]. - The company expects significant growth in these regions, with a target of 40% compound annual growth rate for new business value over the next five years [1][6]. Cost Management and Efficiency - AIA demonstrated effective cost control, achieving an operating profit margin of 15.1% and a reduction in expense ratio to 8.2% [3].

Group 1: Financial Performance - AIA Group reported a post-tax operating profit of approximately $3.609 billion for the first half of the year, with a year-on-year increase of 12% in post-tax operating profit per share [2] - The new business value for the first half was $2.838 billion, reflecting a 14% year-on-year growth, with a new business value margin of approximately 57.7%, up by 3.4 percentage points [2] - In mainland China, AIA Life achieved a new business value of about $743 million, with a new business value margin of 58.6%, an increase of 2 percentage points year-on-year [2] Group 2: Market Outlook - The CEO and President of AIA Group, Lee Yuanxiang, indicated that 13 out of 18 markets experienced growth in the first half of the year [2] - Mark Konyn, Chief Investment Officer, expressed optimism about the Hong Kong stock market, suggesting further upside potential, with the Hang Seng Index up 25.15% year-to-date as of August 21 [5] - The Hong Kong GDP growth rate for Q2 2025 was reported at 3.1%, with increases in both goods and services exports [5] Group 3: Asset Management Development - AIA Asset Management, headquartered in Shanghai, is expected to commence operations by the end of the year, with progress on establishment proceeding smoothly [7] - The company will initially focus on the group's proprietary business and plans to expand capabilities over time, considering partnerships with mainland institutional investors [7] - AIA Group manages nearly $300 billion in assets, with a significant portion invested in fixed income, while ensuring limited exposure to interest rate risks [8]

Core Viewpoint - AIA Group reported a strong financial performance for the first half of 2023, with a significant increase in operating profit and new business value, indicating robust growth potential in the insurance sector [2][3]. Financial Performance - AIA Group achieved an after-tax operating profit of approximately $3.609 billion for the first half of 2023, with a year-on-year growth of 12% [2]. - The new business value reached $2.838 billion, reflecting a 14% increase year-on-year, with a new business value margin of approximately 57.7%, up by 3.4 percentage points [2]. China Market Insights - In mainland China, AIA Life recorded a new business value of about $743 million, with a new business value margin of 58.6%, an increase of 2 percentage points year-on-year [3]. - The CEO noted that 13 out of 18 markets experienced growth during the first half of the year [3]. Dividend Announcement - The board of directors announced a 10% increase in the interim dividend to HKD 0.49 per share [3]. Stock Performance - As of August 21, 2023, AIA Group's stock price has increased by 33.14% year-to-date [4]. Market Outlook - The Chief Investment Officer expressed optimism about the potential for further increases in Hong Kong stocks, contingent on economic performance and corporate earnings [6]. - The Hang Seng Index has shown a year-to-date increase of 25.15% as of August 21, 2023 [6]. Asset Management Company - AIA Asset Management, headquartered in Shanghai, is expected to commence operations by the end of 2023, with progress on establishment proceeding smoothly [11]. - The company will initially focus on the group's proprietary business and plans to expand capabilities over time, considering partnerships with domestic institutional investors [11]. Investment Strategy - AIA Group's investment assets are globally diversified, with a significant portion allocated to fixed income, while ensuring minimal exposure to interest rate risks [12]. - The company aims to leverage its insurance capital for sustainable and high-quality development, adhering to a long-term investment philosophy [11].

Summary of AIA Group's Conference Call Company Overview - **Company**: AIA Group - **Industry**: Life Insurance Key Financial Performance - New business value increased by 14% to $2.8 billion in the first half of 2025 [2][3] - Operating profit after tax grew by 12% [2][3] - Return on equity (ROE) improved to 17.8%, an increase of 290 basis points [2][12] - Total shareholder returns included $3.7 billion through dividends and share buybacks [2][3][12] Market Performance Hong Kong Market - Record sales of $1.1 billion, a 24% year-on-year increase [2][4] - Strong demand from mainland tourists and local markets [2][4] - AIS Premier Agency sales grew by 35% [2][4] - Bank insurance sales increased by 27% [2][4] Mainland China Market - Total premium income reached $743 million, with a 15% growth in Q2 [2][6] - Major agency channels contributed over 80% of total premium income [2][6] - Productivity levels are three times the industry average [2][6] Other Asian Markets - New business value in other Asian regions (excluding Japan) grew by 20%, surpassing $1 billion [2][7] - Tata AIA Life in India saw a 38% increase in new business value [2][7] Strategic Initiatives - Focus on enhancing core competitive advantages through multi-channel distribution [2][11] - Investment in cloud computing, digital platforms, and generative AI to improve customer interaction and operational efficiency [2][8][9] - Commitment to personalized health management through Amplify Health [2][11] Future Growth Drivers - Anticipated growth in the Asian life and health insurance market due to demographic changes, with a projected 8% annual growth in personal financial assets [2][10] - AIA China aims for a 40% compound annual growth rate from 2025 to 2030 [2][21] Capital Management - Strong internal capital management framework with a focus on profitability and free surplus generation [2][18] - $2.4 billion net free surplus generated in the first half of 2025 [2][18] - Shareholder capital ratio reduced to 219% [2][18] Challenges and Adjustments - Adjustments in product pricing in response to regulatory changes in Malaysia impacted health insurance sales [2][35] - Ongoing efforts to manage profitability in the Chinese market amid changing economic assumptions and product structures [2][27][30] Conclusion - AIA Group demonstrates robust financial performance and strategic growth initiatives, positioning itself well for future opportunities in the life insurance market across Asia [2][19]

瑞银发布研报称，友邦保险(01299)上半年业绩稳健，新业务价值同比升14%，大致符合预期。按CER计 算，总除税后经营溢利同比增长6%，略胜于预期。合约服务利润率(CSM)较去年下半年增9.2%，与该 行预测一致。公司拟派中期息49港仙，较去年同期增加10%(相对市场预期增9%)，并无宣布回购计划， 符合该行预期。该行维持集团目标价88港元及"买入"评级。 ...

Core Viewpoint - Morgan Stanley's report highlights that AIA Group (01299) is gaining increased market attention in China due to its sustained recovery and growth in profit margins [1] Group 1: Growth Drivers - The management identifies three key growth drivers in the Chinese market: professional high-end agents, differentiated bank business, and geographical expansion [1] - AIA's new business value compound annual growth rate (CAGR) for new regions is projected to reach 46% from the first half of 2022 to the first half of 2025 [1] Group 2: Performance and Outlook - The company benefits from a strong performance record, encouraging recruitment trends, and positive operational results, leading management to express confidence in the company's future [1] - Morgan Stanley sets a target price of HKD 96 for AIA, maintaining an "Overweight" rating [1]