智通财经网·2025-10-22 07:28Core Viewpoint - Pacific Securities initiates coverage on AIA Group (01299) with a "Buy" rating, projecting revenue growth and profit increases from 2025 to 2027, supported by strong market positions in Asia and improving profitability in mainland China [1] Financial Performance - For the first half of the year, the company reported a post-tax operating profit of $3.609 billion, a 6% year-on-year increase; net profit attributable to shareholders was $2.534 billion, up 23.5% year-on-year; new business value grew 14% to $2.838 billion, with a new business value margin increase of 3.4 percentage points to 57.7% [1][2] - The embedded value was $70.853 billion, reflecting a 2.6% increase since the beginning of the year [1] New Business Value Growth - New business value in Hong Kong increased by 24% to $1.063 billion, with a 15% rise in newly recruited agents and a 25% increase in active new agents; agent channel new business value rose by 35%, accounting for over 70% of total new business value [2] - New business value in mainland China reached $743 million, with a 10% year-on-year growth when excluding economic assumption changes, and a profit margin of 58.6% [2] - Thailand's market saw a 35% growth to $522 million, benefiting from pre-regulation sales; Singapore's market grew by 16% to $259 million, while other markets collectively grew by 14% to $249 million [2] Channel Structure Optimization - New business value from the agency channel grew by 17% to $2.22 billion, with the total number of agents exceeding 1.1 million, indicating continuous improvement in productivity [3] - Bank and partner channels saw an 8% increase in new business value to $804 million, with strong performances in Thailand, Malaysia, and Hong Kong [3] - The company is enhancing collaborations with leading regional banks to expand high-net-worth and cross-border client markets, resulting in a more balanced channel structure and increased value contribution [3] Profitability and Capital Strength - The operating profit from embedded value was $5.893 billion, a 9% year-on-year increase, with an annualized return on embedded value of 17.8% [4] - The company declared an interim dividend of 49 Hong Kong cents per share, a 10% increase, and returned $3.71 billion to shareholders through dividends and share buybacks [4] - As of the end of June, the shareholder capital ratio stood at 219%, maintaining a strong level [4]