Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record operating profit of 6.61 billion USD in 2024, representing a year-on-year increase of 12% (fixed exchange rate) / 6.3% (actual exchange rate) [4][11] - The net profit attributable to shareholders reached 6.84 billion USD, up 84% (fixed exchange rate) / 81.6% [4][11] - New business value increased by 18% (fixed exchange rate) / 16.8% to 4.71 billion USD, with a year-end embedded value of 69.04 billion USD, up 2.4% from the beginning of the year [4][11] - The company announced an additional share buyback plan of 1.6 billion USD, reflecting confidence in its long-term operational performance [11] Summary by Sections Financial Performance - In 2024, the company reported an operating profit of 6.61 billion USD, with a net profit of 6.84 billion USD, and a new business value of 4.71 billion USD [4][11] - The annual dividend per share was 1.75 HKD, an increase of 8.8% year-on-year [4] New Business Value - The new business value for 2024 was 4.71 billion USD, with quarterly growth rates of 26.9%, 14.8%, 16.8%, and 8.4% respectively [5] - The annualized new premium for 2024 was 8.61 billion USD, reflecting a year-on-year increase of 12.5% [5] Market Contributions - The new business value from the mainland China market grew by 17.4% to 1.22 billion USD, while the Hong Kong market contributed 1.76 billion USD, up 23.4% [6][7] - The company successfully opened new branches in major cities in mainland China, enhancing its market presence [6] Distribution Channels - The agent channel saw a 15.2% increase in new business value, while the partner distribution channel grew by 26.2% [10] - The company has maintained its position as the leader in the global Million Dollar Round Table membership for ten consecutive years [14] Future Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 8.1 billion USD and 8.8 billion USD respectively, with a new forecast for 2027 set at 9.8 billion USD [14] - The stock price corresponds to a price-to-earnings value of 1.19, 1.10, and 1.03 for 2025-2027 [14]

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299) [2] Core Views - The company reported a year-on-year increase in OPAT of 12% per share, exceeding targets, and announced a new share buyback plan of $1.6 billion [5][6] - The company's NBV growth rate is in line with expectations, with a year-on-year increase of 18% to $4.712 billion [5] - The report highlights a robust performance in investment returns, with total investment assets increasing by 8.2% year-on-year to $255.3 billion [8] Financial Performance Summary - The company achieved a year-on-year increase in OPAT of 7% to $6.605 billion, with a significant rise in net profit attributable to shareholders of 81.6% to $6.836 billion [5][10] - The expected net profit for 2025-2027 is revised upwards to $7.774 billion, $8.434 billion, and $8.949 billion respectively [8] - The report indicates a total investment return of 4.8% for equity assets and 4.3% for fixed income assets, remaining stable year-on-year [8] Market Segment Analysis - In the Hong Kong market, NBV increased by 23% to $1.764 billion, with strong growth in agent and partner distribution channels [11] - In mainland China, NBV grew by 20% to $1.217 billion, supported by the establishment of four new branches [11] - Southeast Asia markets showed positive growth, with Thailand, Singapore, and Malaysia reporting year-on-year increases in NBV of 15%, 15%, and 10% respectively [11]

Investment Rating - The investment rating for AIA Group Limited is "Outperform" (maintained) [1] Core Views - The report highlights that the company achieved a 2024 New Business Value (NBV) of USD 4.71 billion, representing an 18% year-on-year increase, which aligns with expectations [4] - The report anticipates a steady growth in NBV for 2025-2026, with projections of +10.8% and +10.2% respectively, and a new forecast for 2027 at +10.4% [4] - The company is recognized as a leader in the Asia-Pacific life insurance sector, with strong performance in its main business regions [4] Financial Performance Summary - The total premium and fee income for 2023 was HKD 32.1 billion, with a year-on-year growth of 13.3% [6] - The intrinsic value increased to HKD 54.5 billion in 2024, reflecting a 2.1% year-on-year growth [6] - The NBV for 2024 is projected to be HKD 3.7 billion, with a year-on-year increase of 16.8% [6] - The net profit attributable to shareholders for 2024 is estimated at HKD 46.9 billion, showing a year-on-year decrease of 5.4% [6] - The price-to-earnings (P/E) ratio for 2025 is projected at 12.4 times, while the price-to-embedded value (P/EV) ratio is expected to be 1.1 times [6] Regional Performance - The NBV growth in various regions for 2024 is as follows: Mainland China +20%, Hong Kong +23%, Thailand +15%, Singapore +15%, Malaysia +10%, and other regions +18% [5] - The Mainland China market achieved an NBV of USD 1.22 billion, with a year-on-year increase of 20% [5] - Hong Kong's NBV reached USD 1.76 billion, benefiting from a rebound in individual insurance channels and strong demand for savings products [5]

Investment Rating - The investment rating for AIA Group Limited is maintained at "Outperform" [1] Core Views - The report highlights that the company achieved a 2024 New Business Value (NBV) of USD 4.71 billion, representing an 18% year-on-year increase, which aligns with expectations [4] - The 2024 annualized new premium reached USD 8.61 billion, up 14% year-on-year, with a margin increase of 1.9 percentage points to 54.5% [4] - The after-tax operating profit increased to USD 6.605 billion, reflecting a 7% year-on-year growth [4] - The report projects NBV growth of 10.8% and 10.2% for 2025 and 2026, respectively, with an additional forecast of 10.4% for 2027 [4] - The company's strong liability performance and stable asset yield led to an upward revision of the 2025-2026 net profit forecast to HKD 52.7 billion and HKD 56.7 billion, respectively [4] Financial Summary and Valuation Metrics - The total premium and fee income for 2023 was HKD 32.1 billion, with a year-on-year growth of 13.3% [6] - The embedded value for 2024 is projected at HKD 55.7 billion, with a year-on-year increase of 2.1% [6] - The new business value for 2024 is expected to be HKD 37 billion, reflecting a 16.8% year-on-year growth [6] - The net profit attributable to shareholders for 2024 is forecasted at HKD 46.9 billion, with a year-on-year decrease of 5.4% [6] - The price-to-earnings ratio (P/E) for 2025 is estimated at 12.4 times, while the price-to-embedded value (P/EV) is projected at 1.1 times [6]

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299) [2][8] Core Insights - The company's NBV (New Business Value) growth is in line with expectations, with a year-on-year increase of 18% to $4.712 billion, while OPAT (Operating Profit After Tax) exceeded targets with a 12% year-on-year increase [5][6] - A new share buyback plan of $1.6 billion has been announced, indicating strong shareholder returns [6] - The company has shown a significant increase in equity asset allocation, with total investment assets rising by 8.2% year-on-year to $255.3 billion [8] Financial Performance Summary - For 2024, the company reported a year-on-year increase in OPAT of 7% to $6.605 billion, with net profit attributable to shareholders rising by 81.6% to $6.836 billion [5][10] - The expected growth in net profit for 2025-2027 is projected at $7.774 billion, $8.434 billion, and $8.949 billion respectively, with corresponding year-on-year growth rates of 13.7%, 8.5%, and 6.1% [10][12] - The company's PEV (Price to Embedded Value) is currently at 1.14x for 2025, indicating a potential valuation recovery opportunity [8][10] Market Segmentation Analysis - In Hong Kong, NBV increased by 23% to $1.764 billion, driven by strong performance in agent and partner distribution channels [11] - In mainland China, NBV grew by 20% to $1.217 billion, supported by the establishment of four new branches [11] - Southeast Asian markets showed robust growth, with Thailand, Singapore, and Malaysia reporting NBV increases of 15%, 15%, and 10% respectively [11]

Investment Rating - The investment rating for AIA Group is "Buy" with a target price set for the next six months [6]. Core Insights - AIA Group achieved a strong performance in 2024 with a New Business Value (NBV) of USD 4.712 billion, representing a year-on-year increase of 18%. The annualized new premiums reached USD 8.606 billion, up 14% year-on-year, with an NBV margin improvement of 1.9 percentage points to 54.5% [1]. - The growth in NBV was driven by significant contributions from both the agency force and partner distribution channels, which recorded NBV of USD 3.707 billion and USD 1.301 billion, respectively, with year-on-year increases of 16% and 28% [1]. - All regions reported double-digit growth in new business value, with notable increases in Mainland China and Hong Kong, achieving growth rates of 20% and 23%, respectively [1][2]. Summary by Sections Group Performance - AIA Group's 2024 NBV reached USD 4.712 billion, up 18% year-on-year, with annualized new premiums of USD 8.606 billion, reflecting a 14% increase. The NBV margin improved to 54.5% [1]. Mainland China - In Mainland China, the 2024 NBV recorded a year-on-year growth of 20% to USD 1.217 billion, with new subsidiaries contributing 27% to the growth. The NBV margin increased by 4.9 percentage points to 56.1% [2]. Hong Kong - Hong Kong's 2024 NBV grew by 23% to USD 1.764 billion, the highest proportion within the group. The demand for flagship savings products remained strong, and the company expects continued robust growth in 2025 [3]. ASEAN and Other Markets - AIA successfully capitalized on wealth growth opportunities in Singapore, achieving a 15% increase in NBV to USD 0.454 billion. Thailand and Malaysia also reported NBV growth of 15% and 10%, respectively [4]. OPAT and Share Buyback - The 2024 Operating Profit After Tax (OPAT) was USD 6.605 billion, up 7% year-on-year, with a per-share increase of 12%. A new share buyback plan of USD 1.6 billion has been approved, expected to yield approximately 6% total return for shareholders [4]. Investment Recommendations - The report anticipates continued strong growth in 2025, driven by market expansion in Mainland China and sustained demand for savings products in Hong Kong. The forecast for net profit for 2025-2027 has been adjusted upward to USD 7.55 billion, USD 7.94 billion, and USD 8.39 billion, reflecting year-on-year growth of 10.4%, 5.2%, and 5.6% respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company demonstrated significant growth resilience, with a reported NBV increase of 18% year-on-year to $4.712 billion in 2024, and a steady rise in operating profit by 7% [1][4]. - The company is confident in achieving a compound annual growth rate (CAGR) of 9% to 11% for after-tax operating profit over the next three years [3]. Summary by Sections Performance Review - In the 2024 annual report, the company reported an 18% year-on-year increase in NBV and a 7% increase in after-tax operating profit [1]. Operational Analysis - All reporting segments achieved double-digit growth in NBV, with a fixed exchange rate NBV of $4.712 billion in 2024, reflecting an 18% increase year-on-year. The margin improved by 1.9 percentage points to 54.5%, and annualized new business increased by 14% [2]. - Breakdown by regions: - Mainland China: NBV increased by 20%, annualized new business by 10%, and margin improved by 4.9 percentage points to 56.1% [2]. - Hong Kong: NBV rose by 23%, with local and MCV growth at 24% and 22% respectively, and margin increased by 8 percentage points to 65.5% [2]. - Southeast Asia (Thailand, Singapore, Malaysia): Thailand's NBV grew by 15%, Singapore's by 15% with a 52% increase in annualized new business, and Malaysia's by 10% [2]. Shareholder Returns - The company reported a 7% increase in after-tax operating profit, with a target of returning $6.5 billion to shareholders through dividends and share buybacks in 2024, equating to an approximate shareholder return rate of 8.3% [3]. - The company announced a $1.6 billion share buyback plan, including $600 million from free surplus and an additional $1 billion [3]. Profit Forecast, Valuation, and Rating - The company is expected to maintain double-digit growth in NBV, with projected growth rates of 9%, 10%, and 10% for 2025-2027, and operating profit growth rates of 9%, 8%, and 9% respectively [4]. - The estimated PEV for 2025 is 1.20 times, which is at the 10th percentile of valuations since 2018 [4].

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (1299.HK) with a current price of HKD 61.25 [1] Core Insights - In 2024, AIA achieved a record operating profit of USD 6.61 billion, a year-on-year increase of 12% (fixed exchange rate) / 6.3% (actual exchange rate). The net profit attributable to shareholders reached USD 6.84 billion, up 84% (fixed exchange rate) / 81.6% [4][11] - The new business value for 2024 was USD 4.71 billion, reflecting an 18% increase (fixed exchange rate) / 16.8% [4][11] - AIA announced an additional USD 1.6 billion share buyback plan, demonstrating confidence in its long-term operational performance [11] Summary by Sections Financial Performance - AIA's operating profit reached a record high of USD 6.61 billion in 2024, with a year-on-year growth of 12% (fixed exchange rate) / 6.3% (actual exchange rate) [11] - The net profit attributable to shareholders was USD 6.84 billion, marking an 84% increase (fixed exchange rate) / 81.6% [4][11] - The annual dividend per share was HKD 1.75, an increase of 8.8% year-on-year [4] New Business Value - The new business value for 2024 was USD 4.71 billion, up 18% (fixed exchange rate) / 16.8% year-on-year [4][11] - The annualized new premium for 2024 was USD 8.61 billion, reflecting a 12.5% increase year-on-year [5] - The new business value margin was recorded at 54.5%, an increase of 1.9 percentage points year-on-year [5] Market Performance - The new business value in the China mainland market grew by 17.4% to USD 1.22 billion, while the Hong Kong market contributed USD 1.76 billion, up 23.4% [6][7][14] - The new business value in Thailand, Singapore, and Malaysia was USD 0.82 billion, USD 0.45 billion, and USD 0.35 billion respectively, with year-on-year growth rates of 14.4%, 15.2%, and 9.4% [8][14] Share Buyback and Future Outlook - AIA completed a USD 12 billion share buyback plan in February 2025 and announced a new USD 1.6 billion buyback plan, indicating strong confidence in future operational and financial performance [11] - The report projects net profit for 2025-2026 to be USD 8.13 billion and USD 8.84 billion respectively, with an upward revision from previous estimates [14][16]

Investment Rating - The report assigns a "Buy" rating for AIA Group Limited, indicating a positive outlook for the stock [8]. Core Insights - AIA Group reported a strong performance with a 18% year-on-year increase in New Business Value (NBV) and announced a $1.6 billion share buyback plan [8]. - The company achieved a net profit of $6.84 billion, reflecting an 84% year-on-year growth, with a significant increase of 133% in the second half of the year [8]. - The embedded value reached $69 billion, up 4% year-on-year, with an embedded value operating return of 14.9% [8]. - The expected final dividend per share is 130.98 Hong Kong cents, a 10% increase compared to the previous year [8]. Summary by Sections Financial Performance - Total insurance revenue for 2023 was $17.514 billion, with a year-on-year growth of 7.32% [8]. - After-tax operating profit for 2023 was $6.213 billion, showing a decline of 3.24% year-on-year [8]. - Earnings per share (EPS) for 2023 was $0.35, with projections of $0.64 for 2024 and $0.69 for 2025 [8]. New Business Value (NBV) - The annualized new premium (ANP) for the year was $8.61 billion, reflecting a 14% increase year-on-year [8]. - The total NBV for the year was $4.71 billion, with a year-on-year increase of 18% [8]. - The NBV margin improved by 1.9 percentage points to 54.5% [8]. Regional Performance - NBV in Hong Kong increased by 23% to $1.76 billion, accounting for 34.8% of the group's total [8]. - NBV in mainland China reached $1.22 billion, up 20% year-on-year [8]. - The "New Malaysia Thailand" region also showed positive growth in NBV, with increases of 15%, 10%, and 15% respectively [8]. Investment Strategy - The company has shifted its investment strategy, reducing fixed income allocation and increasing equity exposure [8]. - The net investment yield was reported at 4.0%, with a total investment return of 4.9% [8]. Capital Management - AIA Group has completed its previous $12 billion share buyback program and plans to initiate a new $1.6 billion buyback plan to be completed within 2025 [8].

Investment Rating - The investment rating for AIA Group is maintained as "Buy" [8] Core Insights - In 2024, AIA Group reported a net profit attributable to shareholders of $6.836 billion, an increase of 84% year-on-year at constant exchange rates. The after-tax operating profit was $6.605 billion, and the new business value (NBV) reached $4.712 billion, reflecting a year-on-year growth of 7% and 18% respectively. The embedded value (EV) stood at $69.035 billion, up 4% from the beginning of the year. The final dividend was HK$1.31 per share, a 10% increase year-on-year, with total dividends for the year rising by 9%, in line with expectations [1][4] Summary by Sections Performance Overview - AIA Group's NBV growth rate for the full year decreased by 7 percentage points to 18% compared to the first half of 2024, but the absolute growth remains robust. The main driver was the new annualized premium income, which reached $8.606 billion, a 14% increase year-on-year. The new business profitability also improved, with the value rate increasing by 1.9 percentage points to 54.5% [2][3] Regional Performance - In 2024, the NBV growth rates for different regions were as follows: Hong Kong +23%, Mainland China +20%, Thailand +15%, Singapore +15%, Malaysia +10%, and other regions +18%. Hong Kong led with an NBV of $1.764 billion, achieving a 23% year-on-year growth, supported by strong growth in local and visitor business. Mainland China also saw a 20% increase in NBV, with new annualized premiums growing by 10% and the value rate rising by 4.9 percentage points to 56.1% [3] Investment Performance - By the end of 2024, AIA Group's total investment scale reached $288.621 billion, a 7.5% increase from the beginning of the year. The net and total investment yields for non-participating and surplus assets were 4.3% and 4.8%, respectively, remaining stable year-on-year. The net investment performance amounted to $3.610 billion, a significant increase of 133.4%, primarily due to reduced financial expenses related to insurance contracts [4] Shareholder Returns - AIA Group announced a new share buyback program of $1.6 billion, slightly increasing its shareholder return strategy. The expected completion of this buyback is within 2025, and based on the company's market capitalization at the end of the previous year, the dividend yield is approximately 6%, indicating an attractive return for shareholders [5] Profit Forecast and Valuation - Given the strong growth momentum in AIA Group's diversified business markets and the expected opening of new branches, the profit forecast has been revised upward. The projected net profit attributable to shareholders for 2025-2027 is expected to grow by 2.2%, 25.0%, and 10.4% respectively. The target price is set at HK$83.3, corresponding to a price-to-embedded value (PEV) of 1.5 times for 2025, maintaining a "Buy" rating [6]