Group 1 - UBS estimates that AIA Group (01299) will see new business value (VNB) growth of 17% and 19% for 2025 based on fixed and actual exchange rates respectively, with a market consensus of 18% growth based on actual rates, indicating a year-on-year growth of 14% and 16% in Q4 [1] - The bank expects VNB growth in Hong Kong to slow down in Q4 compared to a 40% growth in Q3, but strong demand for the Global Flexi savings plan and sales continuation from September to October post-regulatory changes will maintain growth momentum [1] - In mainland China, AIA is expected to experience a moderate slowdown in VNB growth for the full year compared to a 5% increase in the first nine months, primarily because Q4 only accounts for 9% of the 2024 VNB [1] Group 2 - UBS has raised its 2025 earnings per share forecast by 11% to reflect strong market performance in the second half of the year, mainly due to the present value of future new business value increasing [2] - The intrinsic value forecast has been increased by 2% to reflect the upward trend in the stock market and the depreciation of the US dollar [2] - The valuation benchmark has been rolled forward to 2026 [2]

Group 1 - UBS estimates that AIA Group's (01299) new business value (VNB) will grow by 17% and 19% in 2025 based on fixed and actual exchange rates, respectively, indicating a year-on-year growth of 14% and 16% in Q4 [1] - The target price for AIA has been raised from HKD 88 to HKD 106, maintaining a "Buy" rating [1] - In Hong Kong, VNB growth is expected to slow in Q4 compared to a 40% increase in Q3, but remains solid due to strong demand for the Global Flexi savings plan and sales momentum extending from September to October [1] Group 2 - In mainland China, VNB growth is anticipated to moderate compared to the first nine months, with a 5% increase, primarily because Q4 only accounts for 9% of the 2024 VNB [1] - In Thailand, a noticeable decline in Q4 is expected as demand was released earlier in the first nine months, with annualized new premiums decreasing by 2.9% from a growth of 8.5% in the first nine months [1] - In Singapore, strong VNB growth from Q3 is expected to continue into Q4, while in Malaysia, VNB growth is anticipated to accelerate in Q4 as the decline in the agency channel narrows [1] Group 3 - UBS has raised its 2025 earnings per share forecast by 11% to reflect strong market performance in the second half of the year, mainly due to the present value of future new business value [2] - The embedded value forecast has been increased by 2% to reflect the upward trend in the stock market and the depreciation of the US dollar [2] - The valuation benchmark has been rolled forward to 2026 [2]

Core Viewpoint - UBS estimates that AIA's new business value (VNB) will grow by 17% and 19% in 2025 based on fixed and actual exchange rates respectively, indicating a year-on-year growth of 14% and 16% in Q4 [1] Group 1: Business Performance - The growth in VNB for Hong Kong is expected to slow down in Q4, following a 40% increase in Q3, but remains solid due to strong demand for the GlobalFlexi savings plan and sales momentum extending from September to October after regulatory changes [1] - Although a decline in VNB is anticipated for the brokerage channel, the agency and bank insurance channels are expected to perform well in Q4 [1] Group 2: Financial Projections - UBS has raised its earnings per share forecast for 2025 by 11% to reflect strong market performance in the second half of the year [1] - The target price for AIA has been increased from HKD 88 to HKD 106, maintaining a "Buy" rating [1]

Core Viewpoint - UBS estimates that AIA's new business value (VNB) will grow by 17% and 19% in 2025 based on fixed and actual exchange rates respectively, indicating a year-on-year growth of 14% and 16% in Q4 [1] Group 1: Business Performance - The growth in VNB for Hong Kong is expected to slow down in Q4, following a 40% increase in Q3, but remains solid due to strong demand for the GlobalFlexi savings plan and continued sales momentum from regulatory changes in September extending into October [1] - Although a decline in VNB is anticipated for the brokerage channel, the agency and bank insurance channels are expected to perform well in Q4 [1] Group 2: Financial Projections - UBS has raised its earnings per share forecast for 2025 by 11% to reflect strong market performance in the second half of the year [1] - The target price for AIA has been increased from HKD 88 to HKD 106, maintaining a "Buy" rating [1]

关于友邦保险 2026年2月1日，中国上海——友邦人寿保险有限公司（以下简称"友邦人寿"）携手中国儿童少年基金会 （以下简称"中国儿基会"）正式启动"爱的平方——2026友邦儿童教育金公益计划"。2026年2月1日至3 月31日期间，客户为子女配置相应的友邦财富险产品，友邦人寿将按保费的一定比例进行公益捐赠，资 金将汇入"友爱未来·共建美好"公益项目，专项用于支持困境女童助学金，助力她们顺利完成学业、实 现人生梦想。 此次公益计划创新融合了家庭保障规划与企业社会责任，让每一份保单都承载一份爱心，鼓励更多家庭 在为孩子储备教育金的同时，也能参与到公益行动中，将爱心传递给困境女童，点亮她们的求学之路。 自1992年重返中国内地以来，友邦人寿始终积极履行企业社会责任，长期关注人才培养、弱势群体帮 扶、乡村振兴与应急救灾等领域。携手中国儿基会实施"友爱未来·共建美好"项目以来，友邦人寿的公 益足迹已覆盖云南、四川、湖北、河北、河南、江苏、广东、深圳、重庆、山东、安徽和天津等12个省 市，累计捐赠超500万元，惠及困境女童9915人次，用实际行动践行金融企业的社会担当。 友邦人寿副总经理兼首席客户官、首席健康业务官张敏 ...

Group 1 - Goldman Sachs reports that AIA Group's stock price has increased by 62% since last year, currently valued at 1.4 times the projected intrinsic value for the next year, marking a new high for 2023 but still below the average of 1.7 times from 2013 to 2023 [1] - The target price for AIA has been raised from HKD 85 to HKD 96, equivalent to 1.4 times the projected intrinsic value for 2027, with a reiterated "Buy" rating [1] - AIA's valuation is supported by stable compound growth in new business value, intrinsic value, and post-tax operating profit, with a recovery and upward trend in intrinsic value growth [1] Group 2 - Despite concerns from investors regarding the increasing proportion of savings-type products in mainland and Hong Kong markets, the growth story for AIA remains intact, with current valuation reflecting these risks [2] - The risk-reward profile for AIA's valuation is considered attractive, with an upward revision of new business value forecasts for 2025 to 2027 by 3% to 4% and a 5% increase in net profit forecasts for 2025, primarily reflecting stock market performance in mainland and Thailand [2]

Group 1 - The core viewpoint of the report is that AIA Group's stock price has increased by 62% since last year, currently valued at 1.4 times its projected intrinsic value for the next year, which is a new high for 2023 but still below the average of 1.7 times from 2013 to 2023 [1] - Goldman Sachs raised the target price for AIA from HKD 85 to HKD 96, which corresponds to 1.4 times the projected intrinsic value for 2027, while maintaining a "Buy" rating [1] - The valuation of AIA is supported by stable compound growth in new business value, intrinsic value, and post-tax operating profit [1] Group 2 - Despite concerns from investors regarding the increasing proportion of savings-type products in mainland and Hong Kong markets, the growth story for AIA remains intact, and the current valuation reflects this [2] - The risk-reward profile of AIA's current valuation is considered attractive [2] - The forecast for AIA's new business value for 2025 to 2027 has been increased by 3% to 4%, and the net profit forecast for 2025 has been raised by 5%, primarily reflecting the stock market performance in mainland China and Thailand [2]

Core Viewpoint - Citigroup forecasts AIA Group (01299) to show robust performance in 2025, with new business value expected to grow by 19% year-on-year at actual exchange rates (AER) and 17% at constant exchange rates, driven mainly by growth in Hong Kong, Thailand, and Singapore operations [1] Financial Performance - The company is projected to achieve an 8% increase in operating profit for the previous year, with earnings per share (EPS) expected to rise by 12%, surpassing management's guidance [1] - Embedded value is anticipated to increase by approximately 12% year-on-year [1] Dividend and Share Buyback - The annual dividend per share is expected to increase by 10% to HKD 1.94 [1] - Share buyback amount is projected to reach approximately USD 1.3 billion [1] Target Price and Rating - Citigroup has raised the target price for AIA from HKD 99 to HKD 103, maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the article is that Citigroup forecasts AIA Group's (01299) performance to be robust in 2025, with a projected new business value growth of 19% year-on-year based on actual exchange rates (AER) [1] - The growth is primarily driven by business expansion in Hong Kong, Thailand, and Singapore [1] - Citigroup predicts that AIA's operating profit for the previous year will increase by 8%, with earnings per share expected to rise by 12%, surpassing the guidance provided by management [1] Group 2 - The intrinsic value of AIA is anticipated to increase by approximately 12% year-on-year [1] - The expected annual dividend per share is projected to rise by 10% to HKD 1.94, with share buyback amounts estimated to reach around USD 1.3 billion [1] - Consequently, Citigroup has raised AIA's target price from HKD 99 to HKD 103, maintaining a "Buy" rating [1]

Core Viewpoint - Citigroup forecasts AIA Group's performance in 2025 to be robust, with new business value expected to grow by 19% year-on-year at actual exchange rates (AER) and 17% at constant exchange rates, driven primarily by growth in Hong Kong, Thailand, and Singapore operations [1] Financial Performance - The firm predicts AIA's operating profit for the previous year to increase by 8%, with earnings per share (EPS) expected to rise by 12%, surpassing the guidance provided by management [1] - Embedded value is anticipated to grow by approximately 12% year-on-year [1] Dividend and Share Buyback - The annual dividend per share is expected to increase by 10% to HKD 1.94 [1] - Share buyback amount is projected to reach approximately USD 1.3 billion [1] Target Price and Rating - Citigroup has raised AIA's target price from HKD 99 to HKD 103, maintaining a "Buy" rating [1]