大行评级｜美银：下调友邦保险目标价至90港元 下调2025至27年盈利预测

Core Viewpoint - AIA Group's net profit for the first half of the year decreased by 24% to $2.5 billion, while the new business value increased by 14% to $2.8 billion, slightly below expectations [1] Financial Performance - AIA's new business value margin improved from 53.9% in the first half of last year to 57.7% this year [1] - The embedded value rose by 4% year-on-year to $70.9 billion after the company repurchased approximately $1.9 billion [1] Forecast Adjustments - The earnings forecast for 2025 to 2027 has been lowered by 8% to 11% due to increased net financial expenses related to insurance contracts [1] - The target price has been adjusted from HKD 92.2 to HKD 90, while maintaining a "Buy" rating [1]