智通财经网·2025-11-03 03:01Core Viewpoint - The report from CICC indicates that AIA Group's new business growth exceeded expectations, leading to an upward revision of the OPAT per share for 2025 and 2026 by 2.3% and 1.8% to $0.68 and $0.74 respectively, while maintaining an outperform rating for the industry [1] Group 1: New Business Value Performance - AIA's new business value (VONB) for Q3 2025 was significantly better than CICC's expectations, with a year-on-year increase of 25% and a 9-month increase of 18%, reaching $1.476 billion and $4.314 billion respectively [2] - The new business value rate for Q3 2025 and 9M 2025 increased by 5.7 percentage points and 4.2 percentage points year-on-year to 58.2% and 57.9% respectively [2] Group 2: Market Growth Insights - The growth in the Chinese mainland market was above expectations, with VONB increasing by 27% year-on-year for Q3 2025 and 5% for 9M 2025, driven by strong performance in the agent channel [3] - In Hong Kong, VONB grew by 40% year-on-year in Q3 2025, attributed to excellent growth from local customers and mainland visitors, alongside a low base from the previous year [4] - Southeast Asia and other markets showed steady growth, with the ASEAN market's VONB increasing by 15% year-on-year in Q3 2025, particularly strong in Thailand with a 20% increase [5] Group 3: Operational Profit Confidence - AIA expressed strong confidence in its operational profit (OPAT) guidance, with new business contract service margins growing over 25% year-on-year in Q3 2025, and the company is confident in achieving a CAGR target of 9-11% for OPAT per share from 2023 to 2026 [6]