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友邦保险(01299.HK)2025年中报点评:中国香港市场重要性持续拔高
Ge Long Hui·2025-08-23 12:00

Core Viewpoint - AIA Group reported a 14% year-on-year increase in New Business Value (NBV) for H1 2025, reaching USD 2.838 billion, indicating strong growth driven by both volume and pricing factors [1][2] Financial Performance - The embedded value equity reached USD 73.7 billion, with a 5% increase per share [1] - After-tax operating profit was USD 3.609 billion, reflecting a 12% increase per share [1] - Basic free surplus generated was USD 3.569 billion, up 10% per share [1] - Interim dividend per share was HKD 0.49, a 10% increase year-on-year [1] Business Segments - The shift towards participating insurance has shown significant results, with NBV maintaining steady growth [1] - Traditional insurance accounted for 37% of the product mix (down 1 percentage point), while participating insurance rose to 43% (up 11 percentage points) [1] - Investment-linked insurance remained stable at 9% [1] Channel Performance - Agency channel NBV increased by 17% to USD 2.22 billion, contributing 78% of total NBV, with a margin increase of 4.4 percentage points to 72% [2] - Partner distribution NBV grew by 8% to USD 0.804 billion, with bank assurance channels up 10% [2] - The Thai market showed outstanding profitability, with NBV margin exceeding 100% [2][3] Regional Insights - AIA China experienced a slight decrease in NBV, down 4% to USD 0.743 billion, impacted by policy adjustments [2] - AIA Hong Kong saw strong new business growth, with NBV up 24% to USD 1.063 billion, contributing 37.5% to the group [3] - Southeast Asian markets showed varied performance, with Thailand leading at a 35% increase in NBV [3] Investment Performance - The net investment return rate was 4.2%, a slight decrease of 0.1 percentage points year-on-year [4] - Total investment assets increased by 7.1% to USD 309.256 billion [4] - The investment allocation remained stable, with 54% in funds and convertible bonds, 25% in equities, and 18% in bonds [4] Future Outlook - The company anticipates continued growth in NBV, particularly in the Hong Kong and Thai markets [5] - Adjustments to EPS forecasts for 2025-2027 were made, now projected at USD 0.60, 0.71, and 0.84 respectively [5] - The estimated target price for 2025 is HKD 85.9, maintaining a P/EV valuation of 1.5x [5]