Investment Rating - The report maintains an "Accumulate" rating for AIA Group Limited (1299) with a target price of HKD 89.80 per share, corresponding to a 2024 P/EV of 1.81 times [4][7]. Core Insights - The company's new business value (NBV) for the first three quarters of 2024 increased by 19.6% (actual exchange rate) / 22% (fixed exchange rate), meeting expectations. The growth was driven by improvements in both new business and value rates, with core channels maintaining good performance [2][7]. - The diversified product strategy is expected to enhance value growth momentum, addressing customer needs and regulatory guidance, which is anticipated to mitigate risks associated with interest spreads and improve profitability [7]. Financial Summary - For the fiscal years 2022A to 2026E, the company’s revenue is projected to grow from USD 19,110 million in 2022 to USD 22,470 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 7.3% [6]. - The net profit is expected to increase from USD 282 million in 2022 to USD 6,147 million in 2026, with a significant growth rate of 25.3% in 2024E [6]. - The price-to-earnings (PE) ratio is projected to decrease from 328.94 in 2022 to 12.12 in 2026, indicating improved valuation over time [6]. Business Performance - The core regions of the business showed resilience, with NBV growth in mainland China at 9% and Hong Kong at 24%. The growth in Hong Kong was supported by local customers and mainland visitors, with agent and bancassurance channels performing well [7]. - The annualized new premium for the first three quarters of 2024 increased by 14.1% (actual exchange rate) / 16% (fixed exchange rate), driven by both agent and partner distribution channels [7].

Summary of Key Points Core Viewpoint - On October 17, 48 Hong Kong-listed companies conducted share buybacks, totaling 27.06 million shares and an aggregate amount of HKD 189 million [1][2]. Group 1: Buyback Details - AIA Group repurchased 984,800 shares for HKD 62.18 million, with a highest price of HKD 64.45 and a lowest price of HKD 62.10, accumulating HKD 24.732 billion in buybacks this year [1][2]. - Kuaishou-W repurchased 713,700 shares for HKD 32.19 million, with a highest price of HKD 45.55 and a lowest price of HKD 44.75, totaling HKD 4.114 billion in buybacks year-to-date [1][2]. - Swire Pacific A repurchased 382,000 shares for HKD 24.53 million, with a highest price of HKD 65.45 and a lowest price of HKD 63.20, accumulating HKD 2.676 billion in buybacks this year [1][2]. Group 2: Notable Buyback Activities - The largest buyback amount on October 17 was by AIA Group at HKD 62.18 million, followed by Kuaishou-W at HKD 32.19 million [1][2]. - The highest number of shares repurchased on October 17 was by Youzan, with a buyback of 7 million shares, followed by Shenglong Jinxiu International and Andong Oilfield Services with 2 million and 1.74 million shares, respectively [1][2]. - Baiguoyuan Group conducted its first buyback of the year on this date [1].

Group 1 - AIA Group announced the execution results of its share buyback plan [1] - On October 17, the company successfully repurchased 984,800 shares [1] - The total amount spent on the buyback was HKD 63.1821 million, with an average repurchase price of HKD 63.14 per share [1] Group 2 - During the buyback process, the highest transaction price was HKD 64.45, while the lowest was HKD 62.10 [1]

Investment Rating - The investment rating for AIA Group is maintained as "Buy" with an expected growth of over 20% in stock price over the next six months [3][8]. Core Insights - The report highlights a strong growth in new business value (NBV) for AIA Group, achieving a record high of USD 2.455 billion in H1 2024, representing a year-on-year increase of 25% [1][2]. - The growth in NBV is primarily driven by annualized new premiums, which increased by 17% year-on-year at constant exchange rates, and an increase in NBV margin by 3.3 percentage points to 53.9% [1]. - AIA Group's performance is particularly strong in the Chinese mainland and Hong Kong markets, with NBV growth rates of 36% and 26% respectively [1][2]. Summary by Region - **Group Performance**: AIA Group achieved an NBV of USD 2.455 billion in H1 2024, with a strong growth of 25% year-on-year. The NBV margin increased to 53.9% [1]. - **Mainland China**: The NBV reached USD 782 million, up 36% year-on-year, with new market expansions contributing significantly to this growth. The NBV margin improved to 56.6% [1]. - **Hong Kong**: The NBV grew by 26% to USD 858 million, driven by double-digit growth from local customers and mainland visitors, as well as the introduction of new products [1][2]. - **Singapore**: The NBV increased by 27% to USD 219 million, with strong performance across all distribution channels [1][2]. - **Other Markets**: Thailand and Malaysia also saw double-digit growth in NBV, while performance in India, Indonesia, New Zealand, and Vietnam was weaker [2].

New Business Value and Premiums - New business value increased by 25% to $2.455 billion, reaching a historical high[3] - Annualized new premiums rose by 17% to $4.546 billion[3] - New business value margin improved by 3.3 percentage points to 53.9%[3] - New business value increased by 25% year-on-year to $2.455 billion, with a new business value margin of 53.9%[10] - Annualized new premiums grew by 17% to $4.546 billion, with a new business value margin increase of 3.3 percentage points[10] - AIA's new business value increased by 25% to a record $2.455 billion, with 11 markets achieving double-digit growth[18] - AIA's new business value margin rose by 3.3 percentage points to 53.9%[18] - Annualized new premiums increased by 17% to $4.546 billion in the first half of 2024, contributing to over $30 billion in renewal premiums for 2023[18] - AIA's new business value grew by 25% to $2.455 billion, with 11 markets achieving double-digit growth, including its five largest markets[26] - The annualized new premium increased by 17%, and the new business value margin rose by 3.3 percentage points to 53.9%[26] - AIA Group's new business value increased by 25% to $2.455 billion, with 11 markets achieving double-digit growth, including its five largest businesses[31] - New business value increased by 19% to $1.86 billion, with a new business value margin of 67.2%, up 4.5 percentage points year-on-year[107] - Annualized new premiums grew by 11% to $2.77 billion, driven by increased agent activity and higher productivity[108] - Partner distribution channel saw a 43% increase in new business value to $742 million, with a new business value margin of 41.7%, up 4.2 percentage points[109] - Bank insurance channel achieved a 61% growth in new business value, with the new business value margin exceeding 40%, supported by increased active sales agents[110] - China market new business value surged by 36% to $782 million, with a new business value margin of 56.6%, up 6.4 percentage points[111] - New business value margin increased by 6.4 percentage points to 56.6%, with agency distribution margin rising to 61.3% and bancassurance margin to 41.3%[112] - AIA Hong Kong's new business value grew by 26%, with local customer new business value up 28% and mainland visitor new business value up 24%[114] - AIA Thailand's new business value increased by 16%, driven by strong annualized new premium growth in agency and partner distribution channels[116] - AIA Singapore's new business value grew by 27%, with annualized new premiums up 57%[118] - AIA's "Premier Agency" in Hong Kong contributed to 20% new business value growth, accounting for two-thirds of total new business value[115] - AIA Thailand's "Premier Agency" recorded 18% new business value growth, with new agent recruits up 20%[117] - AIA Singapore's traditional protection products accounted for 45% of new business value in the first half of 2024[118] - AIA Malaysia recorded a 14% growth in new business value in H1 2024, with a new business value margin of 64.2% and 90% of unit-linked product sales including protection coverage[120] - AIA Malaysia's "Premier Agency" achieved a 7% growth in new business value in H1 2024, driven by investments in technology, digital tools, and analytics[121] - AIA Malaysia's bancassurance partnership with Public Bank Berhad achieved an 18% growth in new business value, supported by a compelling high-net-worth client proposition[121] - Other markets (excluding Malaysia and Singapore) saw a 9% growth in new business value in H1 2024, with double-digit growth in Australia, Myanmar, Philippines, South Korea, Sri Lanka, and Taiwan[122][123] - AIA Australia achieved strong double-digit growth in new business value in H1 2024, driven by successful renewals and new member additions in group insurance[124] - AIA India's new business value declined in H1 2024 due to a one-time surge in life insurance sales before tax benefit restrictions, but rebounded in Q2 2024 with strong performance from the "Premier Agency"[124] - AIA Philippines achieved exceptional new business value growth in H1 2024, supported by a strong performance from the joint venture with Bank of Philippine Islands (BPI)[124] - AIA South Korea recorded exceptional new business value growth in H1 2024, driven by strong bancassurance performance and a rebound in direct sales[124] Embedded Value and Operating Profit - Embedded value operating profit reached $5.350 billion, with a per-share increase of 29%[4] - Post-tax operating profit was $3.386 billion, with a per-share increase of 10%[5] - Embedded value operating profit rose by 24% to $5.350 billion, with an embedded value operating return of 16.5%[10] - AIA's operating profit based on embedded value was $5.350 billion, with a 29% increase per share[19] - AIA's post-tax operating profit for the first half of 2024 was $3.386 billion, with a 10% increase per share[20] - AIA's embedded value operating profit reached $5.35 billion, with a per-share growth of 29%, equivalent to a 16.5% annualized embedded value operating return, up 360 basis points from 2023[26] - AIA's post-tax operating profit grew by 10% per share, driven by the compounding effect of large-scale profitable new business[27] - AIA's embedded value equity increased by 8% to $74.234 billion, driven by $5.35 billion in embedded value operating profit, which grew by 29% per share[33] - AIA's investment performance exceeded assumptions, contributing $497 million to embedded value equity, while foreign exchange translation reduced it by $1.653 billion[33] - AIA's embedded value operating return increased by 360 basis points to 16.5% on an annualized basis, reflecting strong new business value growth and positive operating experience variances[33] - AIA's cumulative operating experience variances and assumption changes since its IPO in 2010 have added $4.3 billion to embedded value equity, highlighting its focus on underwriting quality business[33] - Embedded value operating profit rose by 24% to $5.350 billion, with basic embedded value operating profit per share increasing by 29% to 47.68 cents[36] - Post-tax operating profit grew by 7% to $3.386 billion, with basic post-tax operating profit per share up by 10% to 30.18 cents[40] - Contractual service margin release increased by 10% to $2.782 billion, contributing to the strong growth in post-tax operating profit[40] - Investment performance net of expenses remained stable at $1.637 billion, despite a decrease in investment income due to share buybacks and divestments[39] - Shareholder allocated equity operating return on an annualized basis increased by 180 basis points to 15.3%[39] - The company's operating margin remained strong at 16.1%, reflecting high-quality earnings[39] - Post-tax operating profit in Hong Kong, Thailand, and Malaysia saw double-digit growth, while China grew by 4% and Singapore by 2%[45][46] - Total post-tax operating profit increased by 7% on a constant exchange rate basis to $3.386 billion, with Hong Kong contributing $1.223 billion, up 15% year-on-year[46] - Pre-tax operating profit for the six months ended June 30, 2024, was $3.961 million, compared to $3.877 million in the same period in 2023[181] - Tax expense for the six months ended June 30, 2024, was $(560) million, compared to $(598) million in the same period in 2023[181] Free Surplus and Capital Management - Generated basic free surplus amounted to $3.391 billion, with a per-share increase of 10%[6] - Net free surplus generated after reinvestment in new business was $2.243 billion[6] - Shareholder capital ratio on a pro forma basis was 242%[6] - Basic free surplus generated grew by 6% to $3.391 billion[10] - AIA's free surplus generated was $3.391 billion, with a 10% increase per share[21] - AIA's generated free surplus increased by 10% per share to $3.391 billion, driven by the addition of another batch of profitable new business and positive operational variances[29] - Free surplus increased to $17.94 billion as of June 2024, up from $16.33 billion as of December 2023, before dividends and share buybacks[71] - Basic free surplus generated was $3.39 billion for the six months ended June 30, 2024, a 10% increase per share[75] - Free surplus generated in H1 2024 increased to $2.243 billion, up from $1.52 billion in H1 2023[76] - Investment in new business increased by 11% to $788 million, driving a $3.243 billion increase in future distributable earnings[76] - Basic free surplus per share grew 10% to 30.22 cents, with diluted free surplus per share also increasing 10% to 30.20 cents[77] - The company implemented a new capital management policy targeting a 75% payout ratio of annual free surplus through dividends and share buybacks[78] - Shareholder capital ratio stood at 262% as of June 30, 2024, down from 269% at end-2023, primarily due to capital returns to shareholders[80] - Group local capital summation method coverage ratio decreased to 262% in H1 2024 from 275% at end-2023, mainly due to capital returns[83] - Eligible group capital resources increased to $74.654 billion in H1 2024 from $73.156 billion at end-2023, driven by effective business capital generation[83] - Group prescribed capital requirement rose to $28.517 billion in H1 2024 from $26.646 billion at end-2023, mainly due to new business underwriting[84] - Tier 1 group capital decreased to $46.711 billion in H1 2024 from $46.980 billion at end-2023, primarily due to capital returns to shareholders[84] - Shareholder-based group local capital summation method coverage ratio decreased to 329% in H1 2024 from 335% at end-2023, reflecting capital returns[86] - Group local capital summation method coverage ratio increased to 262% as of June 30, 2024, compared to 275% as of December 31, 2023[87] - Eligible group capital resources amounted to $74.654 billion as of June 30, 2024, up from $73.156 billion as of December 31, 2023[87] - Group prescribed capital requirement stood at $28.517 billion as of June 30, 2024, compared to $26.646 billion as of December 31, 2023[87] - Group local capital summation method surplus was $46.137 billion as of June 30, 2024, slightly down from $46.510 billion as of December 31, 2023[87] - Subordinated securities and senior notes included in eligible group capital resources totaled $5.115 billion and $5.158 billion, respectively[89] - A 50 basis points increase in interest rates would decrease the group local capital summation method coverage ratio by 10 percentage points[91] - Shareholder capital was $40.140 billion as of June 30, 2024, with a coverage ratio of 262%[92] - Holding company financial resources increased to $9.890 billion, excluding dividends and share buybacks[97] - Capital flows from subsidiaries in the first half of 2024 were $1.469 billion, down from $1.703 billion in the same period of 2023[97] - Holding company financial resources stood at $6.512 billion as of June 30, 2024, after returning capital to shareholders[97] - The company's initial holding company financial resources were $8.14 billion, with net cash flow from subsidiaries of $1.469 billion and corporate activities (including acquisitions) of $(53) million for the six months ended June 30, 2024[98] - The company's net cash flow from holding company activities was $1.416 billion for the six months ended June 30, 2024[98] - The company's final holding company financial resources before dividends and share repurchases were $9.89 billion, with dividends of $(1.705) billion and share repurchases of $(1.673) billion for the six months ended June 30, 2024[98] - The company's final holding company financial resources were $6.512 billion for the six months ended June 30, 2024[98] - The company's loans to subsidiaries/receivables from subsidiaries were $973 million as of June 30, 2024, with $144 million recoverable within 12 months[99] - The company's medium-term notes and securities issued to the market were $11.867 billion as of June 30, 2024, with $750 million repayable within 12 months[99] - The company issued $1 billion of 10-year fixed-rate subordinated securities with an annual interest rate of 5.375% under its global medium-term notes and securities program on April 5, 2024[100] - The company increased its interim dividend by 5.2% to HK$0.445 per share[102] - The company increased its share repurchase program by $2 billion to a total of $12 billion, with $8.88 billion worth of shares repurchased and canceled as of June 30, 2024[103] - The company's credit ratings from Fitch, S&P, and Moody's remained unchanged at AA (very strong), AA- (very strong), and Aa2 (very low credit risk) respectively as of June 30, 2024[101] Shareholder Returns and Dividends - Returned $3.4 billion to shareholders through dividends and share buybacks in the first half of the year[7] - Interim dividend increased by 5.2% to HK$0.445 per share[7] - AIA Group returned $3.4 billion to shareholders through dividends and share buybacks in the first six months of 2024[15] - AIA Group announced a new capital management policy in April 2024, aiming to distribute 75% of annual net free surplus generated through dividends and share buybacks[15] - AIA Group's board approved an additional $2 billion share buyback in April 2024, increasing the total buyback program to $12 billion[15] - AIA Group's interim dividend increased by 5.2% to HK$0.445 per share[15] - AIA returned $3.378 billion to shareholders through dividends and share buybacks in the first half of 2024, with an annualized shareholder distribution equity operating return of 15.3%, up 180 basis points[25][28] - AIA's board approved an additional $2 billion to its existing $10 billion share buyback program, bringing the total to $12 billion, with $3.1 billion remaining for buybacks as of June 30, 2024[29] - AIA's interim dividend increased by 5.2% to HK$0.445 per share, reflecting its prudent, sustainable, and progressive dividend policy[29] - AIA's solvency position remained very strong, with a declared interim dividend increase of 5.2% per share[25] - AIA's target compound annual growth rate for post-tax operating profit per share from 2023 to 2026 is 9% to 11%[25] - The company repurchased a total of 219,933,600 shares on the Hong Kong Stock Exchange during the six months ended June 30, 2024, with a total consideration (before expenses) of approximately HKD 13.054 billion (equivalent to approximately USD 1.67 billion)[140] - The average price per share for the repurchases was HKD 59.35, with the highest price at HKD 68.10 and the lowest at HKD 45.30[141] - The company also purchased 4,178,569 shares under the 2020 Restricted Share Unit Plan and the 2020 Employee Share Purchase Plan, with a total consideration of approximately HKD 257 million (equivalent to approximately USD 33 million)[142] - The total number of issued shares as of June 30, 2024, was 11,200,409,115[140] - The Bank of New York Mellon Corporation held 326,741,568 shares in physical settlement of non-listed derivative instruments[136] - JPMorgan Chase & Co. held 14,237,480 shares in physical settlement of non-listed derivative instruments and 6,300,667 shares in cash settlement of non-listed derivative instruments[136] - Citigroup Inc. held 7,801,672 shares in physical settlement of non-listed derivative instruments and 22,370,996 shares in cash settlement of non-listed derivative instruments[136] - The Capital Group Companies, Inc. held 24,767,952 shares in physical settlement of non-listed derivative instruments[136] - BlackRock, Inc. held 3,900,000 shares in cash settlement of non-listed derivative instruments and 798,200 shares in cash settlement of non-listed derivative instruments[136] - The company plans to initiate an audit tender for the 2026 fiscal year, with the current auditor, PricewaterhouseCoopers, continuing to audit the 2024 fiscal year consolidated financial statements[143] - The company granted 16,593,246 restricted share units (RSUs) under the 2020 RSU plan to employees, directors, and executives during the six months ended June 30, 2024[145] - 315,561 RSUs vested under the 2010 RSU plan and 3,364,059 RSUs vested under the 2020 RSU plan during the same period, settled by purchasing existing shares in the market[145]

Investment Rating - The report assigns a "Buy" rating for AIA Group (1299 HK) [9] Core Insights - The new business value continues to show strong growth, with a year-on-year increase of 21.0% in the first half of 2024, primarily driven by contributions from mainland China and Hong Kong [9] - The company expects to expand into 1-2 new provinces or cities within the year [9] - The operating profit after tax (OPAT) has shown steady growth, with a year-on-year increase of 3.5% in the first half of 2024 [9] - The company maintains a sustainable shareholder return strategy, with a net free surplus growth of 5.6% in the first half of 2024 [9] Summary by Sections New Business Value - New business value in Hong Kong increased by 26%, with local business and mainland visitor contributions growing by 28% and 24% respectively [9] - In mainland China, new business value grew by 30%, with new market entries increasing by 44% [9] - Singapore's new business value rose by 26.6%, mainly from long-term savings insurance [9] Financial Performance - The company reported a 47% year-on-year increase in net profit attributable to shareholders, driven by improved investment performance [9] - The interim dividend per share increased by 5.2% to HKD 0.445, maintaining a payout ratio of around 50% based on OPAT [9] - The company aims for an annual compound growth rate of 9-11% in OPAT from 2023 to 2026 [9] Market Position - The target price for AIA Group is set at HKD 84.00, indicating a potential upside of 54.3% from the current closing price of HKD 54.45 [8]

Investment Rating - The report maintains an "OUTPERFORM" rating for AIA Group with a target price of HKD 74.74, based on a valuation of 1.5x 2024E PEV, which corresponds to a fair value of USD 9.58 [10][38]. Core Insights - AIA Group reported a New Business Value (NBV) of USD 2.46 billion, representing a year-on-year increase of 25% [35]. - The Annualized New Premium (ANP) reached USD 4.55 billion, up 17% year-on-year, with a quarterly growth of 5.6% in Q2 2024 [35]. - The after-tax operating profit was USD 3.39 billion, a 7% increase year-on-year, while net profit surged by 53% to USD 3.31 billion [35]. - The embedded value stood at USD 68.2 billion, reflecting a 3% increase since the beginning of the year, with an operating profit of USD 5.35 billion, up 24% year-on-year [35]. Summary by Sections Financial Performance - AIA Group's insurance revenue for 2023 is projected to be USD 17.51 billion, a 7.32% increase from 2022, with net profit expected to reach USD 3.76 billion, marking a 13% growth [37]. - The company aims for a compound annual growth rate (CAGR) of 9%-11% in after-tax operating profit per share from 2023 to 2026 [35]. Distribution Channels - The agent channel saw a 19% increase in NBV, accounting for 71% of total NBV, while the partner distribution channel experienced a remarkable 43% growth [36]. - The number of agents increased by 22% year-on-year, with active agents rising by 6% [36]. Regional Performance - Hong Kong remains the largest contributor to AIA's NBV, accounting for 33% of total NBV with a 26% year-on-year increase [40]. - The mainland China market reported a 36% increase in NBV, with a 20% growth in the agent channel [40]. - The "New Malaysia Thailand" region also showed positive growth, with NBV increases of 27%, 14%, and 16% respectively [40]. Investment Strategy - AIA Group is shifting its investment strategy by reducing fixed income allocations while increasing equity investments [41]. - The annualized net investment return for the first half of 2024 was 1.8%, remaining stable year-on-year [41].

26 Aug 2024 620,675.6 1,647.8 73.80/46.00 11399.0 股权结构 10.0% 9.0% 绝对 相对 1-mth 3-mth 6-mth 来源 ： FactSet 友邦保险集团有限公司(1299 香港) 现金回报总额超过 70 亿美元 泛亚保险公司公布了2024年1月至6月的财务结果，其中纯可比新业务价值（VNB ）增长了25%（以常设汇率计算），达到2455百万美元，超出了我们的预测和彭 博社共识的1.4%/1.4%，主要由VNB边际环比反弹4.5个百分点（以常设汇率计算 ）所驱动。 CMBI est. 在2Q24期间，相较于2Q24的2.1百分点（按持续年增长率 计算）的增加，我们看到了香港和中国大陆地区的持续利润率恢复，分别增加了8. 8百分点/6.4百分点（按持续年增长率计算），达到65.7%/56.6%在上半财年（截 至2Q24：64.3%/54.6%）。这导致了稳定的可变净保费收入（VNB）增长，分别 增长26%/36%（按持续年增长率计算），占总VNB的67%。集团经营利润（OPA T）和每股经营利润（OPAT per share）在上半财年增长了7%/ ...

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299.HK) with a target price of HKD 77.80, compared to the current price of HKD 54.45 [4][5]. Core Insights - AIA Group reported a new business value (NBV) of USD 2.455 billion for H1 2024, representing a year-on-year increase of 25% at constant exchange rates. The NBV margin improved by 3.3 percentage points to 53.9% [4][5]. - The company's annualized new premiums increased by 17% to USD 4.546 billion, driven by strong performance in key markets such as Hong Kong and mainland China [4][5]. - The report highlights the company's competitive advantage in agent distribution channels, which supports the sales of complex high-end insurance products, thereby sustaining high NBV margins [4][5]. Financial Performance Summary - For H1 2024, the after-tax operating profit reached USD 3.386 billion, with earnings per share (EPS) projected to be USD 0.47, USD 0.54, and USD 0.57 for 2024, 2025, and 2026 respectively, revised from previous estimates of USD 0.40, USD 0.44, and USD 0.47 [4][7]. - The intrinsic value equity reached USD 74.234 billion, reflecting a 2% increase from the beginning of the year [4][5]. - The total investment income for H1 2024 was reported at USD 3.391 billion, with a net investment yield of 4.3%, remaining stable year-on-year [4][5]. Market Performance - The report notes that the mainland China market showed impressive growth, with NBV increasing by 36% to USD 0.782 billion, while the NBV margin rose by 6.4 percentage points to 56.6% [4][5]. - In Hong Kong, the NBV grew by 26% to USD 0.858 billion, with a margin increase of 8.8 percentage points to 65.7% [4][5]. - The Southeast Asian markets, including Thailand and Singapore, also demonstrated positive growth, with Thailand's NBV increasing by 16% and Singapore's by 27% [4][5].

Investment Rating - Maintained "Overweight" rating [1] Core Views - Strong demand for dividend savings products in Hong Kong, with both new premium and value rate increasing in mainland business [2] - AIA Insurance's 2024H1 NBV increased by 21% YoY to USD 2.46 billion, with a fixed exchange rate increase of 25% [27] - Annualized new premium for 2024H1 was USD 4.55 billion, up 14% YoY, with a fixed exchange rate increase of 17% [27] - Post-tax operating profit for 2024H1 was USD 3.39 billion, up 3% YoY, with a fixed exchange rate increase of 7% [27] - AIA announced an interim dividend of HKD 0.45 per share, totaling HKD 4.9 billion, with a dividend payout ratio of 19% [27] Regional Performance - Mainland China: 2024H1 NBV reached USD 780 million, up 36% YoY, with new annualized premium up 21% and margin increasing by 6.4 percentage points to 56.6% [18] - Hong Kong: Dividend savings flagship products contributed USD 860 million in NBV, up 26% YoY, with local and mainland visitor contributions increasing by 28% and 24% respectively [18] - Singapore: 2024H1 NBV was USD 220 million, up 27% YoY, with "Best Agents" NBV increasing by 31% [18] Financial Metrics - Embedded value (EV) increased by 8% YoY to USD 74.2 billion in 2024H1, driven by NBV growth and operational experience deviations [18] - Agent productivity and new agent numbers increased by 12% and 22% respectively in 2024H1, with "Best Agents" channel NBV up 19% [18] - 2024-2026 NBV growth expectations maintained at +12.4%, +10.8%, and +10.4%, with EV growth expected at +8.8%, +8.5%, and +8.3% [27] - 2024-2026 net profit attributable to shareholders forecasted at HKD 31.7 billion, HKD 33.9 billion, and HKD 36.3 billion, with YoY growth of +17.5%, +16.5%, and +11.9% respectively [27] Valuation - Current stock price corresponds to 2024-2026 PEV of 1.0x, 0.9x, and 0.9x, and PE of 19.0x, 17.7x, and 16.6x [27]