Zhi Tong Cai Jing·2025-11-03 02:56Core Viewpoint - Company AIA Group has raised its earnings per share OPAT estimates for 2025 and 2026 by 2.3% and 1.8% respectively, due to better-than-expected growth in new business, maintaining an outperform rating in the industry [1] Group 1: New Business Performance - AIA reported a significant increase in new business value (VONB) for Q3 2025, with a year-on-year growth of 25% and a 18% increase for the first nine months, reaching USD 1.476 billion and USD 4.314 billion respectively, surpassing both company and market expectations [2] - The new business value margin improved by 5.7 percentage points for Q3 and 4.2 percentage points for the first nine months, reaching 58.2% and 57.9% respectively [2] Group 2: Market Performance in China - In mainland China, VONB grew by 27% year-on-year for Q3 2025 and 5% for the first nine months, with the agent channel contributing a 23% increase in VONB and a new business value margin exceeding 60% [3] - The number of new and active agents increased by 17% and 9% year-on-year respectively, with new regions contributing to a doubling of VONB [3] Group 3: Market Performance in Hong Kong - AIA's VONB in Hong Kong saw a robust growth of 40% year-on-year, driven by local clientele and mainland visitors, alongside a low base from the previous year [4] - The number of active agents also experienced double-digit growth, contributing to a 20% increase in agent channel VONB [4] Group 4: Southeast Asia and Other Markets - The ASEAN market maintained a steady growth with a 15% year-on-year increase in VONB for Q3 2025, particularly in Thailand where VONB grew by 20% [5] - Singapore saw a 9% increase in new agents, while Malaysia reported positive growth in VONB [5] Group 5: Operational Profit Guidance - AIA expressed confidence in its operational profit (OPAT) guidance, with a target of 9-11% CAGR for earnings per share from 2023 to 2026, supported by rapid growth in new business [6]