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。 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。 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） 授出購股權 本公告乃根據香港聯合交易所有限公司證券上市規則第17.06A、17.06B及17.06C條而作出。 友邦保險控股有限公司（「本公司」）董事會（「董事會」）宣佈，於2025年9月4日，本公司 根據其於2020年5月29日採納的購股權計劃（經修訂）（「購股權計劃」）向本公司的附屬公 司的一名僱員（「該承授人」）授出126,62 ...

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 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 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 10,504,433,563 | | 0 | | 10,504,433,563 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 10,504,433,563 | | 0 | | 10,504,433,563 | 第 2 頁 共 11 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 | 截至月份: ...

Core Insights - AIA Group reported a new business value of $2.838 billion for the first half of 2025, representing a 14% year-on-year increase, with a new business value margin rising by 3.4 percentage points to 57.7% [2][4] - In mainland China, AIA's new business value reached $743 million, showing a 10% growth before accounting for economic assumption changes, with a second-quarter acceleration to 15% year-on-year growth [5][6] - AIA plans to expand into one to two new regions in mainland China annually, capitalizing on significant growth potential in early-stage markets [6][7] Financial Performance - AIA's after-tax operating profit for the first half of 2025 was approximately $3.609 billion, with earnings per share increasing by 12% [2] - The new business value in the Hong Kong market was $1.063 billion, marking a 24% increase, while Thailand's market saw a 35% growth to $522 million [4][5] Market Expansion Strategy - AIA's new regions contributed to a 36% year-on-year increase in new business value since 2019, with a compound annual growth rate exceeding 40% over the past three years [6][7] - The company has established a team of over 1,700 new agents in newly opened regions, targeting a customer base of 100 million [6] Product Strategy - AIA is shifting its investment management to a dedicated asset management company, AIA Asset Management, set to launch by the end of this year [3][9] - The company is optimizing its product structure, with 87% of new business value from long-term savings products coming from participating products, which provide higher expected long-term returns [8][10]

Core Viewpoint - AIA has set a high target of a 40% compound annual growth rate for new business value in new regions of the Chinese mainland market over the next five years, despite challenges such as a low interest rate environment [1][5]. Group 1: New Business Value Performance - AIA's new business value (VONB) increased by 14% year-on-year to $2.838 billion, with a profit margin rising by 3.4 percentage points to 57.7% [1][2]. - The new business value for AIA Life in the Chinese mainland decreased by 4% year-on-year, primarily due to adjustments in economic assumptions [2]. - Excluding the impact of economic assumption changes, AIA Life's new business value grew by 10%, with a second-quarter growth rate of 15% [2]. Group 2: Strategic Expansion Plans - AIA plans to add 1-2 new provincial agencies each year, expanding its operational regions from 5 to 14 over six years, with new regions showing a 36% increase in new business value in the first half of 2025 [4]. - The company aims to deepen its market presence through various strategies, including establishing an insurance asset management company and transforming dividend products [1][5]. Group 3: Response to Low Interest Rates - In response to the low interest rate environment, AIA has shifted its focus towards dividend products, which accounted for 87% of the new business value from long-term savings in the first half of 2025 [6]. - The company believes that dividend products provide a "win-win-win" situation for insurance companies, customers, and capital markets, as they can reduce liability costs while offering potential returns to customers [6]. Group 4: Asset Management Strategy - AIA is focusing on differentiating between dividend and non-dividend accounts in its asset management strategy, ensuring appropriate asset-liability matching [7]. - The asset allocation strategy includes long-term bonds, alternative assets, repurchase agreements, QDII overseas investments, and equities to enhance returns [7].

Group 1 - The core event of the article is the successful conclusion of the AIA Youth Football Training Camp in Beijing on August 24, 2025, which aims to promote a healthy lifestyle and create memorable experiences for children during the summer [1][6]. - AIA Beijing has partnered with Tottenham Hotspur to enhance the professionalism and international perspective of the training camp, inviting qualified coaches from both the club and local training institutions to provide tailored training programs [3][5]. - The training camp has been held for eight consecutive years since 2018, attracting over 4,000 young footballers, and has contributed to the development of youth sports education and the physical and mental well-being of children [6][8]. Group 2 - The training sessions were structured by age groups to ensure appropriate guidance for each child, focusing on skill development and teamwork through various activities [5]. - Participants received exclusive AIA-Tottenham customized gear, gifts, and certificates, enhancing the significance of their football experience [5]. - AIA Beijing's General Manager, Guo Jiesheng, emphasized the company's commitment to promoting a healthy lifestyle and providing enriching activities for clients, aiming to foster resilience and healthy growth among children [8].

Core Viewpoint - Morgan Stanley reports that AIA Group (01299) has shown healthy new business value in the first half of the year, meeting market expectations, with key financial indicators continuously improving and exceeding the bank's forecasts by 1 to 3 percentage points [1] Financial Performance - The management expresses confidence in growth within the Chinese market [1] - Morgan Stanley slightly raises AIA's net profit forecast for the fiscal years 2025 to 2027 by 0.7%, 0.4%, and 0.1% respectively [1] - New business value is also slightly adjusted upwards by 0.7% to 0.8% [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating for AIA Group [1]

摩根士丹利发布研报称，友邦保险(01299)上半年的新业务价值表现健康，符合市场预期，关键财务指 标持续改善，并较该行预测高出1至3个百分点。另外，管理层对中国市场增长有信心。大摩将友邦保险 2025至27财年的除税后净溢利预测小幅上调0.7%、0.4%及0.1%，新业务价值轻微上调0.7至0.8%，评级 增持。 ...

Group 1 - Goldman Sachs reports that AIA Group (01299) achieved first-half results broadly in line with expectations, highlighting growth prospects in mainland China despite a challenging interest rate environment [1] - The profit margin has expanded, and AIA has set ambitious growth targets for its new branches in mainland China established since 2019 [1] - Following the first-half results and reflecting recent investment market performance, Goldman Sachs has slightly adjusted its forecast, lowering AIA's fiscal year 2025 net profit estimate by 7% [1] Group 2 - The target price for AIA has been raised marginally from HKD 83 to HKD 84, with a reiterated "Buy" rating [1] - AIA's management remains optimistic about growth prospects in mainland China due to low penetration rates and differentiated distribution capabilities [1] - With Du Jiaqi returning as non-executive chairman, management anticipates a focus on improving board governance, strategy, and leadership development [1]

Core Viewpoint - Goldman Sachs reports that AIA Group (01299) has delivered results for the first half of the year that are broadly in line with expectations, highlighting growth prospects in mainland China despite a challenging interest rate environment [1] Group 1: Financial Performance - AIA's profit margin has expanded, even in a difficult interest rate environment [1] - The forecast for AIA's net profit for the fiscal year 2025 has been adjusted downwards by 7% [1] - The target price for AIA has been slightly increased from HKD 83 to HKD 84, maintaining a "Buy" rating [1] Group 2: Business Growth Prospects - AIA's management remains optimistic about growth prospects in mainland China due to low penetration rates and differentiated distribution capabilities [1] - The company has set ambitious growth targets for its new branches established in mainland China since 2019 [1] Group 3: Management Changes - The return of Du Jiaqi as non-executive chairman is expected to focus on improving board governance, strategy, and leadership development [1]

高盛发表报告指，友邦保险上半年业绩大致符合该行预期，亮点在于内地业务增长前景，尽管利率环境 逆风，但利润率仍有所扩张。管理层重申对内地业务的增长前景乐观。杜嘉祺回巢出任非执行主席后， 管理层预期他会专注改善董事会管治、策略及领导发展。经计及上半年业绩及反映近期投资市场表现 后，该行微调预测，将友邦2025财政年度纯利调低7%，目标价由83港元微升至84港元，重申"买入"评 级。 ...