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]

智通财经APP获悉，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。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 85.00 [1][11]. Core Insights - The company reported stable growth in its performance for the first half of 2025, with a notable increase in New Business Value (NBV) by 14% year-on-year on a constant currency basis, driven primarily by the Hong Kong and Southeast Asian markets [6]. - The NBV in Hong Kong saw a strong growth of 24% year-on-year, while the mainland China NBV declined by 4% due to assumption adjustments [7][8]. - The overall NBV growth in Southeast Asia remained robust, with Thailand and Singapore showing significant increases [9]. Summary by Sections Financial Performance - The company achieved a gross premium income of USD 19.31 billion in 2024, projected to grow to USD 20.81 billion in 2025, reflecting a growth rate of 10.28% [5]. - Total investment income is expected to decrease by 5.01% in 2025, with a forecast of USD 12.60 billion [5]. - The net profit attributable to shareholders is projected to be USD 5.16 billion in 2025, a decrease of 24.50% compared to 2024 [5]. Market Analysis - In Hong Kong, the NBV growth was driven by both local residents and mainland visitors, with respective growth rates of 30% and 18% [7]. - The mainland China market's NBV, when adjusted for assumptions, showed a growth of 10%, indicating a strong underlying performance despite the reported decline [8]. - Southeast Asia's NBV growth is expected to be 14% in 2025, with Thailand experiencing a notable increase of 35% [9]. Shareholder Returns - The company reported a 12% year-on-year increase in operating profit per share (OPAT) for the first half of 2025, with a return on equity (ROE) of 18% [10]. - The dividend per share (DPS) increased by 10% to HKD 0.49, with total returns to investors (including buybacks) amounting to USD 3.7 billion [10]. - The expected dividend yield for 2025 is projected to reach 4.7% [10]. Valuation and Forecast - The EPS forecast for 2025 has been adjusted downwards by 22% to USD 0.49, while maintaining the target price at HKD 85 based on book value and embedded value methods [11]. - The company anticipates an overall NBV growth of 13% for 2025, supported by strong market performance [10].

多项核心指标实现双位数增长，利润增速进展顺利。截至 2025 年中期，友邦 保险实现税后营运溢利 36.09 亿美元，每股增加 12%，显示出集团在盈利质量 上的持续改善。上半年，公司产生的基本自由盈余每股上升 10%，达到 35.69 亿美元，反映出集团强劲的现金生成能力。管理层重申 2023 年至 2026 年每股 税后营运溢利复合年增长率 9%至 11%的目标，目前进展顺利。 上半年，公司实现新业务价值 28.38 亿美元，按固定汇率计算同比增长 14%。 公司在亚洲多个市场的业务拓展成效显著。中国内地市场在计入经济假设变动 后新业务价值略有下滑 4%，但若剔除该因素，基本增长达 10%，第二季度增速 加快至 15%，显示出业务韧性和复苏动力。香港、泰国、新加坡等主要市场均 录得显著增长，其中泰国市场因行业规则变动前的短期销售推动，新业务价值 大幅提升 35%。此外，集团的新业务价值利润率提升 3.4 个百分点至 57.7%， 体现出产品组合优化和定价策略的有效性。 证券研究报告 | 2025年08月21日 友邦保险（01299.HK） 优于大市 利润持续兑现，股东回报稳健 "最优秀代理"渠道新业务价值 ...

证券研究报告 | 2025年08月21日 友邦保险（01299.HK） 优于大市 利润持续兑现，股东回报稳健 多项核心指标实现双位数增长，利润增速进展顺利。截至 2025 年中期，友邦 保险实现税后营运溢利 36.09 亿美元，每股增加 12%，显示出集团在盈利质量 上的持续改善。上半年，公司产生的基本自由盈余每股上升 10%，达到 35.69 亿美元，反映出集团强劲的现金生成能力。管理层重申 2023 年至 2026 年每股 税后营运溢利复合年增长率 9%至 11%的目标，目前进展顺利。 上半年，公司实现新业务价值 28.38 亿美元，按固定汇率计算同比增长 14%。 公司在亚洲多个市场的业务拓展成效显著。中国内地市场在计入经济假设变动 后新业务价值略有下滑 4%，但若剔除该因素，基本增长达 10%，第二季度增速 加快至 15%，显示出业务韧性和复苏动力。香港、泰国、新加坡等主要市场均 录得显著增长，其中泰国市场因行业规则变动前的短期销售推动，新业务价值 大幅提升 35%。此外，集团的新业务价值利润率提升 3.4 个百分点至 57.7%， 体现出产品组合优化和定价策略的有效性。 "最优秀代理"渠道新业务价值 ...

Core Viewpoint - AIA Life Insurance Co., Ltd. plans to launch its asset management subsidiary by the end of this year, aiming to enhance its long-term development and align with China's financial regulatory framework [1]. Group 1: Company Developments - AIA's asset management subsidiary will adopt the same standards as the AIA Group, integrating related asset management and investment operations [1]. - The CEO of AIA Insurance expressed confidence in the long-term prospects of the Chinese market and emphasized the importance of sustainable and high-quality development [1]. Group 2: Financial Performance - In the first half of this year, AIA reported a post-tax operating profit of approximately $36.09 billion, with a year-on-year growth of 12% [1]. - The new business value reached a record high of $28.38 billion, reflecting a 14% year-on-year increase, with a new business value margin of approximately 57.7%, up by 3.4 percentage points [1]. Group 3: Mainland China Business - By the first half of 2025, AIA's new business value in mainland China is projected to be around $7.43 billion, with a new business value margin of 58.6%, an increase of 2 percentage points year-on-year [2]. - The annualized new premium is estimated at approximately $12.68 billion [2].

Group 1 - AIA Life Insurance Co., Ltd. plans to launch its asset management subsidiary by the end of this year [1] - The new asset management company will align with the standards of AIA Group, integrating related asset management and investment operations [1] - AIA's regional CEO expressed confidence in the long-term development and value of the Chinese market, emphasizing the importance of sustainable and high-quality growth [1] Group 2 - In the first half of this year, AIA reported a post-tax operating profit of approximately $3.609 billion, with a year-on-year growth of 12% [1] - The new business value reached a record high of $2.838 billion, reflecting a 14% year-on-year increase [1] - The new business value margin improved to approximately 57.7%, up by 3.4 percentage points year-on-year [1] Group 3 - In mainland China, AIA achieved a new business value of approximately $743 million in the first half of 2025 [2] - The new business value margin in this region was 58.6%, an increase of 2 percentage points year-on-year [2] - The annualized new premium in mainland China was approximately $1.268 billion [2]

Investment Rating - The investment rating for AIA Group Limited is "Buy" (maintained) [1] Core Views - The report highlights that both New Business Value (NBV) and NBV Margin have increased, with a mid-year dividend per share rising by 10% year-on-year [1] - The company reported a mid-year NBV of $2.84 billion, a year-on-year increase of 14%, with a quarterly growth of 18.9% in Q2 [1] - The annualized new premium reached $4.94 billion, reflecting an 8% year-on-year growth [1] - The after-tax operating profit was $3.6 billion, up 6% year-on-year, aligning with the company's three-year target guidance [1] - The net profit was reported at $2.53 billion, a decrease of 24% year-on-year [1] - The embedded value stood at $70.9 billion, remaining stable since the beginning of the year, with an operating profit of $5.9 billion, up 9% year-on-year [1] - The report anticipates continued strong growth in Hong Kong and the mainland China markets, supported by the establishment of new branches [1] Summary by Sections Financial Performance - Insurance revenue is projected to grow from $17.514 billion in 2023 to $21.897 billion by 2027, with a compound annual growth rate (CAGR) of approximately 4.43% [1] - After-tax operating profit is expected to increase from $6.213 billion in 2023 to $8.307 billion by 2027, with a CAGR of about 8.37% [1] - Earnings per share (EPS) is forecasted to rise from $0.36 in 2023 to $0.93 by 2027 [1] - The embedded value (EV) per share is projected to grow from $6.42 in 2023 to $7.88 by 2027 [1] - The price-to-embedded value (P/EV) ratio is expected to decrease from 1.49 in 2023 to 1.21 by 2027 [1] Business Segments - The report indicates that Hong Kong remains the largest contributor to the group's NBV, accounting for 35% of the total, with a year-on-year increase of 24% [1] - The mainland China market showed a 10% year-on-year increase in NBV, with a quarterly growth of 15% in Q2 [1] - Thailand's NBV increased by 35% to $520 million, while Singapore's NBV rose by 16% to $260 million [1] - The overall NBV Margin improved by 3.8 percentage points to 57.7% [1] Investment Strategy - The company has reduced its allocation to fixed income while maintaining a stable proportion of equity assets [1] - The annualized net investment return rate was reported at 1.9%, a decrease of 0.1 percentage points year-on-year [1] - The report maintains previous profit forecasts, projecting embedded values of $73 billion, $77.6 billion, and $82.8 billion for 2025, 2026, and 2027, respectively [1]

上证报中国证券网讯（记者 何奎）8月21日，友邦保险发布截至2025年6月30日止6个月的财务业绩公告 显示，该公司拟派发中期股息每股49港仙，同比增长10%。 来源：上海证券报·中国证券网 ...

Financial Data and Key Metrics Changes - AIA reported a 14% increase in the Value of New Business (VONB) to a record high of $2,800,000,000, with underlying free surplus generation per share growing by 10% and operating profit after tax per share rising by 12% [2][22] - The operating return on embedded value (ROEV) increased by 290 basis points to 17.8%, while the operating return on equity (ROE) reached a record 16.2% [22][34] - The company returned $3,700,000,000 to shareholders in the first half, with a 10% increase in the interim dividend per share declared by the Board [3][23] Business Line Data and Key Metrics Changes - In Hong Kong, VONB reached a record $1,100,000,000, up 24%, driven by strong demand from both domestic customers and mainland Chinese visitors [3][4] - AIA China reported VONB of $743,000,000, with growth accelerating to 15% in the second quarter, supported by a professional agency model [5][8] - The ASEAN region saw VONB grow by 20% to over $1,000,000,000, with agency VONB up by 22% and partnerships up by 16% [9][10] Market Data and Key Metrics Changes - AIA's new regions in Mainland China grew by 36% in the first half, contributing over 8% of AIA China's VONB [8] - The company remains the leading life and health insurer in ASEAN, with 95% of VONB coming from traditional protection and long-term savings products [10] - In India, Tata AIA Life's VONB increased by 38%, with the agency contributing more than half of the total VONB [11] Company Strategy and Development Direction - AIA's growth strategy focuses on high-quality, profitable new business, leveraging its competitive advantages in distribution and innovative product offerings [12][14] - The company aims to capture the growing demand for life and health insurance in Asia, driven by favorable demographics and rising personal financial assets [13][40] - AIA is committed to integrating health care into its insurance solutions, enhancing customer value and supporting sustainable profitability [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AIA's ability to deliver compounding new business growth, sustaining higher earnings and cash flow generation into the future [21][40] - The company highlighted the importance of maintaining a diversified portfolio of high-quality recurring profit streams that are resilient across economic cycles [3][12] - Management noted that Asia is the most attractive region for life and health insurance, with significant growth opportunities ahead [12][40] Other Important Information - AIA's agency remains the number one in Hong Kong and Macau, contributing significantly to growth, with a 35% increase in the agency's new business [4][15] - The company has implemented a robust capital management policy, targeting a payout ratio of 75% of annual net free surplus generation [36][101] - AIA has returned a total of $22,000,000,000 to shareholders since 2022, demonstrating its commitment to shareholder returns through dividends and buybacks [39][101] Q&A Session Summary Question: TSR guidance for 2026 and significance of India's new business value - Management acknowledged the importance of TSR and highlighted the direct returns to shareholders through increasing dividends and buybacks [45][49] - Regarding Tata AIA's performance, it was noted that India contributes approximately one-third of the group's new business value [46][55] Question: Growth ambition for AIA China and sustainability of ROE and ROEV - Management confirmed the ambitious 40% CAGR target for new regions in China, emphasizing a balance between stretch and quality [58][61] - The record highs in ROE and ROEV were attributed to high-quality new business and disciplined capital management [69][70] Question: Impact of competitive landscape changes in Hong Kong and future dividend expectations - Management indicated strong fundamentals in Hong Kong, with agency sales contributing significantly to growth despite competitive pressures [94][97] - The company remains flexible in its capital management, considering both dividends and buybacks for shareholder returns [101][102]