Core Viewpoint - AIA Asset Management Co., Ltd. has been established with a registered capital of 100 million RMB, fully owned by AIA Life Insurance Co., Ltd. [1] Group 1: Company Information - The legal representative of AIA Asset Management Co., Ltd. is Ouyang Liliang [1] - The company is registered with a capital of 100 million RMB [1] - AIA Life Insurance Co., Ltd. holds 100% of the shares [1] - The company is classified under the financial industry, specifically in other financial services [1] Group 2: Business Scope - The business scope includes insurance asset management, subject to approval by relevant authorities [1] - Specific business activities will be conducted based on the approval documents or licenses from relevant departments [1] Group 3: Registration Details - The company is located at 1229 Century Avenue, 6th Floor, Shanghai Free Trade Zone, China [1] - It is categorized as a limited liability company (wholly owned by a non-natural person) [1] - The business registration period is from January 4, 2026, with no fixed term [1] - The registration authority is the Shanghai Municipal Market Supervision Administration [1]

Core Viewpoint - The Shanghai Financial Regulatory Bureau has approved the establishment of AIA Insurance Asset Management Company Limited, marking a significant expansion for AIA Group in the asset management sector in China [1] Group 1: Company Establishment - AIA Insurance Asset Management Company Limited has been granted approval to commence operations with a registered capital of 100 million RMB, fully subscribed and paid by AIA Life Insurance Company Limited [1] - The company is located at 1229 Century Avenue, 6th Floor, Pudong New District, Shanghai [1] Group 2: Business Scope - The approved business scope for AIA Insurance Asset Management includes managing insurance funds and various assets, managing other funds, and utilizing both RMB and foreign currency funds [1] - The company will also engage in insurance asset management products, asset securitization, private equity funds, investment consulting, and related professional services such as operations, accounting, and risk management [1] - Additional business activities may be conducted as approved by the National Financial Supervision Administration and other relevant government departments [1] Group 3: Leadership Qualifications - The qualifications of key personnel have been approved, including Zhang Xiaoyu as Chairman, Ouyang Liliang as Director and General Manager, and other board members and independent directors [2]

Core Viewpoint - AIA Insurance Asset Management Co., Ltd. has received approval from the Shanghai Regulatory Bureau of the National Financial Supervisory Administration to commence operations, marking it as one of the first foreign-owned insurance asset management companies in Shanghai [1][2] Group 1: Company Overview - AIA Insurance Asset Management will adopt a diversified, segmented, and specialized development strategy to enhance long-term investment capabilities and better match long-term liabilities [1] - The company aims to meet the growing investment needs of insurance funds and contribute to the development of China's real economy while cultivating local asset management talent with an international perspective [1] Group 2: Strategic Focus - The asset management firm will focus on long-term value investment strategies, emphasizing stability of returns, term adaptability, and diversified layouts to improve fund utilization efficiency [1] - AIA Insurance Asset Management plans to leverage the characteristics of insurance capital as "patient capital" to increase investments in strategic areas such as technology, green initiatives, and pension funds [1] Group 3: Market Context - The establishment of AIA Insurance Asset Management is seen as a response to the growing demand for "patient capital" in the context of an aging population and expanding domestic insurance fund scale [2] - The company will benefit from AIA Group's global investment perspective and governance framework, as well as AIA Life's extensive experience in the Chinese market [2]

Core Viewpoint - The approval of two foreign insurance asset management companies, AIA Asset Management and Holland Insurance Asset Management, to commence operations in Shanghai marks a significant step in China's financial sector opening up and enhances the concentration of international financial institutions in Shanghai [1]. Group 1: Company Approvals - The Shanghai Financial Regulatory Bureau has granted approval for AIA Asset Management and Holland Insurance Asset Management to commence operations [1]. - AIA Asset Management is fully owned by AIA Life Insurance Company, which is the first wholly foreign-owned life insurance company in mainland China [9]. - Holland Insurance Asset Management is initiated by the Dutch global life insurance group, which has over 180 years of history and operates in multiple countries [9]. Group 2: Capital and Business Scope - AIA Asset Management has a registered capital of 100 million yuan, while Holland Insurance Asset Management has a registered capital of 250 million yuan, both fully subscribed and paid in cash by their respective parent companies [9]. - The business scope of both companies includes managing insurance funds and other assets, managing their own RMB and foreign currency funds, conducting insurance asset management product business, asset securitization, and providing investment consulting and related professional services [9]. Group 3: Management Teams - The management team for AIA Asset Management includes Zhang Xiaoyu as Chairman and Ouyang Liliang as Director and General Manager [10]. - For Holland Insurance Asset Management, Zhang Mengjiao is approved as Chairman, Liang Jiangang as General Manager, and Wang Yang as Vice General Manager and Chief Risk Management Officer [10]. Group 4: Industry Impact - The establishment of these companies reflects the "Shanghai speed" in advancing financial openness and optimizing the business environment [10]. - The opening of these companies is expected to enrich Shanghai's asset management ecosystem and enhance the global resource allocation efficiency and service capabilities of Shanghai as an international financial center [10]. - The Chairman of AIA Life Insurance expressed confidence in the long-term positive outlook of the Chinese economy and the growing demand for "patient capital" in the insurance asset management industry [11].

Core Viewpoint - AIA Life Insurance Company has announced the establishment of AIA Asset Management Company, which has received approval from the Shanghai Regulatory Bureau of the National Financial Regulatory Administration, marking it as one of the first foreign-owned insurance asset management companies to operate in Shanghai [1][2]. Group 1: Company Overview - AIA Asset Management aims to implement a diversified, segmented, and specialized development strategy to enhance long-term investment capabilities and better match long-term liabilities [1]. - The company will focus on "long-term value investment" strategies, emphasizing stability of returns, term adaptability, and diversified layouts to improve fund utilization efficiency [1][2]. Group 2: Industry Context - The establishment of AIA Asset Management reflects the high-level opening up of the industry and enriches the diversity of asset management institutions in Shanghai, contributing to the city's development as an international financial center [1]. - The growing scale of domestic insurance funds and the accelerating aging population are driving the demand for pension investments, presenting rapid development opportunities for the insurance asset management industry [2]. Group 3: Strategic Goals - AIA Asset Management will leverage AIA Group's global investment perspective and governance framework, along with AIA Life's extensive experience in the Chinese market, to better seize investment opportunities [2]. - The company aims to enhance its core competitiveness and deepen its local presence, demonstrating confidence in the long-term positive outlook of the Chinese economy [2].

Core Viewpoint - The Shanghai Financial Regulatory Bureau has approved the establishment of AIA Insurance Asset Management Company Limited, allowing it to commence operations with a registered capital of 100 million RMB, fully subscribed by AIA Life Insurance Company Limited [1][3][6]. Group 1: Company Establishment - AIA Insurance Asset Management Company Limited is located at 1229 Century Avenue, Pudong New District, Shanghai [1][3]. - The registered capital of the company is 100 million RMB, which has been fully paid in cash by AIA Life Insurance Company Limited [1][3][6]. Group 2: Management Approval - Zhang Xiaoyu has been approved as the Chairman of AIA Insurance Asset Management Company Limited [1][3][7]. - Ouyang Liliang (AU YEUNG, Lee Leung Franklin) has been approved as the Director and General Manager [1][3][7]. - Other board members approved include Mark Konyn and Zhang Fenghe (CHEUNG, Anna Fung-wo), along with independent directors Wu Lan and Chen Shiyi [1][3][7]. Group 3: Business Scope - The approved business scope includes managing insurance funds and various assets, managing other funds, and operating self-owned RMB and foreign currency funds [6]. - The company will also engage in insurance asset management products, asset securitization, and private equity fund businesses [6]. - Additional services include investment consulting, risk management, and other professional services related to asset management [6].

Group 1: Stock Performance and Technical Analysis - AIA's stock price has shown typical range-bound fluctuations, currently at HKD 81.2 with a rise of 2.78% [1] - Technical indicators are neutral with a strength of 9, while several oscillation and trend indicators signal a sell, indicating insufficient short-term momentum [1] - The stock remains above the 60-day moving average of HKD 76.25, with the bull-bear power indicator signaling a buy, suggesting medium to long-term support [1] - Key support levels are at HKD 77 (Support 1) and HKD 75.2 (Support 2), with resistance levels at HKD 81.3 (Resistance 1) and HKD 83.1 (Resistance 2) [1] - The overall probability of an upward movement is 56%, with expected short-term price action between HKD 77 and HKD 81.3 [1] Group 2: Market Sentiment and Analyst Ratings - Market sentiment towards AIA is generally positive, with Citigroup reaffirming a "Buy" rating and a target price of HKD 99, recognizing the company's stable performance and resilience amid market changes [3] - AIA's ongoing expansion in China's personal pension insurance sector and corporate social responsibility initiatives support its long-term image [3] - There is a notable divergence in investor sentiment regarding short-term trends, with some optimistic investors setting profit-taking points around HKD 95, while more conservative investors believe the stock must first surpass HKD 85 to establish a stronger upward trend [3] Group 3: Derivative Products and Market Dynamics - Recent performance of AIA-related derivatives illustrates how structural differences among products affect price movements, with HSBC bull certificates rising by 36% compared to 19% and 15% for other call options [4] - The differences in performance stem from the inherent structure and leverage characteristics of various derivative tools, with bull certificates offering higher leverage and clearer profit-loss structures [4] - For bullish investors, call options with an exercise price around HKD 88.9 are recommended, with specific options providing high leverage and low premium [4] - For bearish investors, put options with an exercise price of HKD 77.88 and bear certificates with redemption prices between HKD 84 and HKD 85 are suggested, offering substantial leverage [9]

Core Insights - The life insurance industry is focusing on redesigning and repricing products to maintain sales and profitability, with increased automation expected to drive premium growth and efficiency [1][5] - The Federal Reserve's recent interest rate cut to 3.5%-3.75% poses challenges for life insurers as they invest premiums to meet guaranteed obligations [1][3] - The life insurance market is projected to grow, with gross written premiums expected to reach $1.34 trillion by 2025 and $2.5 trillion by 2026 [2][4] Industry Overview - The Zacks Life Insurance industry includes companies providing life insurance and retirement benefits, with a growing demand for protection products driven by an increasing number of baby boomers [2] - Economic growth is fostering confidence in the market, although rising mortality costs may impact profitability [2] Trends Impacting the Industry - Interest rates have been lowered, which may weigh on investment returns for life insurers, but could also relieve pressure on indexed universal life and whole life sales [3] - Product redesigning is leading to a shift away from long-duration term life insurance, with a focus on investment products that offer bundled covers [4] - The adoption of technology is increasing, with insurers leveraging digital platforms and AI to enhance efficiency and reduce operational costs [5] Market Performance - The life insurance industry has underperformed compared to the S&P 500 and the Finance sector, with a year-to-date gain of 4.7% compared to 15% for the Finance sector and 18.6% for the S&P 500 [9] - The industry's current price-to-book (P/B) ratio is 1.89X, significantly lower than the S&P 500's 8.51X and the Finance sector's 4.22X [11] Company Highlights - Jackson Financial (Zacks Rank 1) is expected to grow due to diversified product sales and a strong contribution from Registered Index-Linked Annuities [15][16] - F&G Annuities & Life (Zacks Rank 1) is evolving into a fee-based, higher-margin business, capitalizing on demographic trends and untapped market demand [20] - AIA Group (Zacks Rank 2) benefits from a strong agent force and a shareholder-friendly capital return program, with earnings expected to grow [25] - Manulife Financial (Zacks Rank 2) is well-positioned for growth due to its strong Asia business and investments in digital capabilities [28] - Lincoln National (Zacks Rank 2) is expected to benefit from a recovering Group Protection business and pricing discipline [32]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 友邦保險控股有限公司 | | | 呈交日期: | 2025年12月3日 | | | I. 法定/註冊股本變動 | 不適用 | | | 備註： | | | | 友邦保險控股有限公司(「本公司」)並無法定股本及/ 或其普通股並無股份面值。 | | | FF301 第 2 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01299 | | 說明 | | | | | | 多櫃檯證券代號 | 81299 | RMB 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | ...

Group 1 - JPMorgan reduced its stake in AIA Group Limited (01299) by selling 5.350755 million shares at a price of HKD 78.9766 per share, totaling approximately HKD 423 million [1] - After the reduction, JPMorgan's remaining shareholding is approximately 944 million shares, representing a holding percentage of 8.99% [1]