Investment Rating - The report maintains a "Buy" rating for AIA Group with a current price of HKD 61.0 [16]. Core Insights - AIA Group's new business value (VONB) showed strong growth, particularly in the mainland China market, with a year-on-year increase of 30.5% to USD 40.3 billion [16][18]. - The company achieved a net profit of USD 3.76 billion in 2023, reflecting a 13.0% increase compared to the previous year, driven by improved investment returns [16][18]. - AIA's annualized new premiums reached a record high of USD 76.5 billion, up 41.5% year-on-year, indicating robust demand for savings insurance products post-pandemic [16][18]. Summary by Sections New Business Value Performance - AIA's new business value in mainland China was USD 10.4 billion, with a year-on-year growth of 13.2% [9]. - The agency channel's new business value grew by 21.1% to USD 3.22 billion, while the partner distribution channel saw a 55.0% increase to USD 1.03 billion [3]. Financial Performance - The company's total assets increased to USD 286.3 billion in 2023, with total liabilities at USD 244.7 billion [10]. - The net profit for 2023 was USD 3.76 billion, with a projected growth of 28.6% in 2024 [21]. Market Outlook - AIA Group is well-positioned in 18 major markets across the Asia-Pacific region, with a clear strategy to penetrate the mainland China market further [18]. - The report anticipates continued growth in new business value driven by high-quality agency and partner distribution channels [18].

证 券 研 究 报 告 | --- | --- | |----------------------------|------------| | | 保险 | | | | | [Table_Invest 评级： ] | 增持 | | 当前价格（港元）： | 64.85 | | | 2024.03.15 | [Table_industryInfo] | --- | --- | |----------------------------|-------------| | | | | [Table_ 交易数据 Market] | | | | | | 52 周内股价区间（港元） | 59.10-85.90 | | 当前股本（百万股） | 11,294 | | 当前市值（百万港元） | 732,392 | [Table_PicQuote] 52周内股价走势图 友邦保险 恒生指数 -30% -20% -10% 0% 10% 2023/32023/42023/52023/62023/72023/82023/9 2023/102023/112023/122024/12024/2 | --- | |--------------- ...

Investment Rating - The investment rating for the company is "Outperform" [16][10]. Core Insights - The company's 2023 New Business Value (NBV) reached USD 4.03 billion, representing a year-on-year increase of 30.5%, exceeding previous expectations. The growth in NBV is attributed to a rapid recovery in mainland China and Hong Kong [6][16]. - The company has adjusted its 2024-2025 NBV growth forecasts to +12.4% and +10.8%, respectively, down from previous estimates of +16.3% and +14.1%. A new forecast for 2026 NBV growth is set at +10.4% [6][16]. - The company's margin improved by 1.7 percentage points to 52.6% in 2023, although it still represents a year-on-year decline of 4.4 percentage points [6][16]. Summary by Sections Financial Performance - The company reported a total premium income of HKD 324 billion for 2023, with a year-on-year growth of 13.3% [18]. - The NBV for mainland China increased by 13.2% year-on-year, while Hong Kong's NBV surged by 81.7%, making it the top contributor [6][7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are HKD 2.8, HKD 3.0, and HKD 3.2, respectively [6][18]. Market Dynamics - The recovery in mainland China and Hong Kong is driven by the resurgence of offline activities and rapid growth in bancassurance channels, with mainland visitors contributing significantly to Hong Kong's NBV [6][7]. - The ASEAN region, including Thailand, Singapore, and Malaysia, continues to show recovery, with NBV growth rates of 21.9%, 12.9%, and 3.6%, respectively [7][18].

退，新业务价值强劲复苏 [Table_Summary] 核心观点： | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|--------|---------|--------|--------| | [Table_ 单位：美元 Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 5,466 | 5,091 | 5,343 | 5,921 | 6,896 | | 增长率 （ % ） | - | -6.86% | 4.95% | 10.82% | 16.47% | | 归母净利润（百万元） | 3,331 | 3,764 | 8,856 | 9,696 | 11,927 | | 增长率 （ % ） | - | 13.00% | 135.27% | 9.49% | 23.01% | | EPS （元 / 股） | 0.28 | 0.33 | 0.62 | 0.68 | 0.84 | | P/E | 28.42 | 24.11 | 12 ...

New Business Value Growth - AIA's new business value in Hong Kong grew by 82% in 2023, with annualized new premiums increasing to $2.407 billion, although the new business value margin decreased to 57.5%[1] - AIA Singapore reported a 10% increase in new business value, with the new business value margin rising by 1.5 percentage points to 67.2%[4] - AIA Malaysia's new business value increased by 7%, supported by growth in agency and partner distribution channels[8] - New business value in Vietnam declined due to negative consumer sentiment, but there are signs of gradual improvement in sales towards the end of 2023[11] - AIA Group achieved a new business value growth of 33% to USD 4.034 billion, with double-digit growth recorded across 10 markets and all distribution channels[150] - New business value increased to $4,034 million, a 33% rise compared to 2022[171] - New business value in mainland China reached $1,037 million with a profit margin of 51.3%, representing a 20% increase year-over-year at constant exchange rates[172] - Hong Kong's new business value was $1,430 million with a profit margin of 57.5%, showing an 82% increase in annualized new premiums compared to the previous year[172] - Thailand reported new business value of $713 million with a profit margin of 93.3%, reflecting a 21% increase year-over-year at constant exchange rates[172] - Singapore's new business value stood at $394 million with a profit margin of 67.2%, marking a 10% increase in annualized new premiums compared to the previous year[172] - Malaysia's new business value was $319 million with a profit margin of 67.3%, indicating a 7% increase year-over-year at constant exchange rates[172] - Total new business value across all markets amounted to $4,299 million with an overall profit margin of 55.6%, a 30% increase year-over-year at constant exchange rates[172] Financial Performance - AIA's operating profit after tax decreased by 17%, but adjusted for certain impacts, it showed an 8% growth[6] - The company reported a net profit of $3.764 million for the year, with total comprehensive income amounting to $2.426 million[85] - The company’s net profit for the year ended December 31, 2023, was $3,781 million, an increase of 12.4% compared to $3,365 million for the year ended December 31, 2022[103] - Total comprehensive income for the year ended December 31, 2023, was $2,426 million, a significant recovery from a loss of $5,494 million in the previous year[103] - The pre-tax profit for the year ended December 31, 2023, was $4,564 million, an increase from $4,054 million in the previous year[110] - The company reported a significant adjustment in financial investments, with a loss of $(9,435) million compared to a gain of $31,199 million in the previous year[110] Technology and Digital Initiatives - AIA's technology and digital initiatives have significantly improved operational efficiency and customer experience, with a focus on generative AI for better decision-making and productivity[12][13] - The AIA+ super app has been launched in multiple markets, enhancing digital experience and customer engagement, with plans for further expansion in 2024[15] - The group achieved an end-to-end straight-through processing rate of 85% in customer experience processes by December 2023, up from 35% in June 2020[29] - AIA China reported the highest straight-through processing rate at 91% among its seven business markets, all exceeding 80%[29] - In 2023, 79% of new business policies were completed through automated underwriting processes, and the end-to-end straight-through processing rate for purchase transactions increased by 36 percentage points to 72% since June 2020[56] - The company has made significant investments in technology, digital, and analytics to accelerate innovation and enhance decision-making and strategic execution[51] - The company is focusing on generative artificial intelligence applications to enhance operational efficiency and customer satisfaction[55] Health and Insurance Strategy - AIA's comprehensive health strategy aims to provide more accessible and efficient healthcare services across Asia, leveraging technology and data analytics[13] - AIA Thailand launched "AIA Health Saver" in 2023, attracting over 60% of policies from new customers, enhancing its leadership in the health and protection market[22] - Tata AIA Life introduced a market-first health plan in India, combining life insurance and health coverage, significantly expanding its ability to meet affluent customer needs[25] - AIA Malaysia launched new products with various deductibles and co-pay options to address recent healthcare spending inflation, promoting healthier lifestyles through "AIA Vitality"[26] - The company aims to create sustainable competitive advantages in health insurance through its comprehensive health strategy and integration with healthcare service providers[52] Governance and Financial Discipline - The company is committed to maintaining financial discipline and focusing on profitable new business growth to generate free surplus for reinvestment and shareholder value creation[50] - The company’s governance structure is responsible for overseeing the financial reporting process[75] - The company is closely monitoring developments related to the Pillar Two income tax policy, which may adversely affect its effective tax rate starting in 2025[63] - The company has initiated a share buyback program of up to $10 billion to return excess capital to shareholders[95] - The company plans to maintain a prudent and sustainable dividend policy while managing capital actively[95] Environmental, Social, and Governance (ESG) Commitment - The company has committed to achieving net-zero emissions by 2050, becoming the first in the Asia-Pacific region to have its short-term reduction targets verified by the Science Based Targets initiative (SBTi)[127] - AIA Group's commitment to environmental, social, and governance (ESG) issues has been recognized, achieving top ESG ratings for three consecutive years[155] - The company has successfully divested from coal mining and coal-fired power companies within its managed equity and fixed income portfolios[127] Shareholder Returns and Equity - The board proposed a final dividend of HKD 1.1907 per share, marking a 5% increase, leading to a total annual dividend of HKD 1.6136 per share for 2023[151] - The company has a total of $3,331 million in retained earnings after accounting for dividends and share repurchases[86] - Shareholders' equity decreased to $41,111 million as of December 31, 2023, down from $44,672 million in the previous year, reflecting a decline of 8.5%[105] - The company’s total comprehensive income attributable to shareholders was $2,417 million for the year ended December 31, 2023, compared to a loss of $5,497 million in the previous year[103]

智通财经APP获悉，中金发布研究报告称，维持友邦保险(01299)“跑赢行业”评级，由于全球资本市场表现好于此前预期，上调23/24年EPS 19.4%/14.5%至每股0.52/0.73美元，首次引入25年EPS每股0.75美元。考虑到市场情绪仍待恢复，维持目标价94港元。公司将于3月14日披露2023年全年业绩，该行预计实际汇率下VONB同比+30.8%至40.4亿美元(固定汇率下同比+33%);实际汇率口径下OPAT同比-1.4%，每股股利同比+2%。 ...

智通财经APP获悉，友邦保险(01299)跌近4%，截止发稿跌3.86%，报62.3港元，成交额7.57亿港元。 美银证券发布研报称，预期公司去年新业务价值达41亿美元，按年升31%，意味着上季以实际汇率计算按年升28%。该行表示，这次业绩表现无惊喜，主要是去年首九个月增长已达33%，加上已预计上季出现季节性放缓等因素。该行预料，去年内含价值(EV)按年升1%至690亿美元，税後经营利润大致上维持至64亿美元不变，符合预期。 信达证券指出，在淡化“开门红”的背景下，12月寿险单月保费增速分化主要由于各大公司业务节奏差异。整体来看，我们认为前期行业受到预定利率切换、银保“报行合一”、开门红预收限制等影响保费阶段性承压，但是保险产品具有的“储蓄”+“保障”等属性在当前金融环境下仍具有吸引力。 ...

Financial Performance - Annualized new premium increased by 49% to $3.984 billion[2] - Embedded value operating profit reached $4.423 billion, an increase of 20% per share[2] - After-tax operating profit was $3.272 billion, with a 4% increase per share[2] - New business value grew by 37% to $2.029 billion[5] - Basic free surplus generated reached $3.288 billion, with a 10% increase per share[5] - Total assets of the group amounted to $276 billion as of June 30, 2023[9] - Total weighted premium income grew by 7% to $19,300 million, compared to $18,568 million in the prior year[13] - The operating profit after tax was $3.272 billion, with a year-on-year growth of 4%[43] - The annualized return on equity for shareholders rose to 14.2%[43] - Net profit for the first half of 2023 was $2.25 billion, a 50% increase from $1.54 billion in the same period of 2022[158] - Basic earnings per share rose by 56% to 19.39 cents in the first half of 2023, compared to 12.83 cents in the previous year[158] - Shareholder equity increased by 5% to $48.71 billion, despite dividend payments of $1.67 billion and additional capital returns of $1.97 billion[160] - The company reported a 10% increase in the stock price, impacting equity sensitivity positively[162] Dividends and Shareholder Returns - Interim dividend increased by 5% to HKD 0.4229 per share[6] - The company returned a total of $3.6 billion to shareholders through dividends and share buybacks in the first half of 2023[23] - The company returned $5.536 billion to shareholders through a share buyback program since its initiation[44] - The total capital returned to shareholders amounted to $3.638 billion, with embedded value equity at $70.621 billion as of June 30, 2023[99] New Business Growth - New business value in Hong Kong increased by over 100% compared to the first half of 2022[6] - New business value in China grew by 14% in the first half of 2023[6] - New business value in Malaysia rose by 10%, driven by both agency and partner distribution channels[7] - New business value in mainland China grew by 36%, with active agents increasing by 44%[24] - New business value in Thailand increased by 28%, supported by strong recruitment and productivity improvements[25] - The new business value in mainland China reached $601 million with a profit margin of 50.3%, representing a 14% year-on-year increase[34] - The new business value in Hong Kong surged to $681 million, with a profit margin of 56.9%, reflecting a 111% year-on-year increase[34] - AIA achieved a 62% increase in new business value in the first half of 2023, driven by strategic partnerships with leading banks[47] - AIA's new business value in Hong Kong more than doubled, with double-digit growth in mainland China, ASEAN markets, and Tata AIA Life in India[54] - AIA's China business saw a 14% increase in new business value, driven by double-digit growth in agency business and strong performance in the bank insurance channel[119] - AIA Thailand's new business value grew by 28%, supported by strong double-digit growth from agency and partner distribution channels[120] - AIA Malaysia achieved a 10% increase in new business value, with annualized new premiums also growing by 14%[121] Operational Efficiency and Technology - AIA's technology adoption rate exceeds global benchmarks, with 88% of IT infrastructure hosted on public cloud platforms, enhancing operational efficiency[46] - The direct processing of service requests has increased to 83%, significantly improving customer experience[46] - The group implemented over 250 high-efficiency use cases of AI and data analytics, exceeding the 2020 target, enhancing user experience and customer understanding[78] Market Performance - Revenue from the Chinese mainland market was $4.992 billion, an 18% increase from $4.509 billion year-over-year[181] - In Singapore, new business value grew by 5% in the first half of 2023, with annualized new premiums increasing by 7% and a strong new business value margin of 65.0%[93] - Other markets saw an 8% increase in new business value to $212 million, with eight markets reporting higher new business values, partially offset by a decline in Vietnam[94] Financial Position and Capital Management - The financial position remains strong, with free surplus rising by 12% to $19.898 billion before paying $3.638 billion in dividends and share buybacks[75] - The embedded value equity stood at $70,621 million, reflecting a 1% decrease from $71,202 million[13] - The total embedded value equity increased by 6% to $74.259 billion as of June 30, 2023[42] - Embedded value equity grew by 6% to $74.259 billion, after accounting for dividends of $1.672 billion and share buybacks of $1.966 billion[111] Challenges and Future Outlook - The long-term potential of the insurance business remains strong despite short-term macroeconomic uncertainties, driven by high private savings and low insurance penetration rates in Asia[82] - The company expects higher operating expenses in the second half of 2023 compared to the first half[182] - Non-operating items were minimal at -$35 million, while the impact of exchange rate changes was -$1.261 billion due to the strength of the reporting currency against local currencies[112]

[0 -> 7] Good morning from Hong Kong and welcome to AIA's Interim Results Presentation for 2023. [7 -> 11] I am delighted to announce very strong results in the first half, [11 -> 18] with excellent new business momentum and growth in all of our key financial metrics. [18 -> 21] Let me provide some highlights from the results. [21 -> 31] AIA's Unrivaled Distribution Platform has powered a very strong acceleration of sales momentum in the first half. [31 -> 34] VOND grew by 37% for the group. [34 -> 40] AIA ...

本公告僅供參考，並不構成任何人士收購、購買或認購證券的邀請或要約。本公告並非亦無意作為在美國發售本公司證券供出 售的要約。本公司證券並無亦不會根據1933年美國證券法（經修訂）（「美國證券法」）登記，且不得未根據美國證券法登記或適 用豁免登記規定而在美國發售或出售。本公司證券並無亦無計劃在美國公開發售。 AIA Group Limited 友邦保險控股有限公司 （於香港註冊成立的有限公司） 股份代號：1299（港幣櫃台）及81299（人民幣櫃台） 友邦保險在2023年上半年締造卓越增長 所有報告分部均取得增長，新業務價值上升37% 每股稅後營運溢利上升4%；每股中期股息上升5% 增長率按固定匯率基準列示： • 新業務價值增長37%至20.29億美元 • 所有報告分部及所有分銷渠道均錄得新業務價值增長 • 內涵價值營運溢利達44.23億美元，每股增加20% 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並 明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 截至 2023 年 6 月 30 日止六個月的中期 ...