Zhi Tong Cai Jing·2025-11-03 08:17Core Viewpoint - Bank of America Securities reports that AIA Group (01299) has exceeded expectations in new business value growth for the third quarter of 2025, indicating a strong momentum in its operations [1] Financial Performance - New business value for the first nine months of 2025 increased by 19% year-on-year at actual exchange rates and 18% at constant exchange rates, surpassing the bank's expectation of 15% [1] - For the third quarter of 2025, the growth rates were 27% and 25% respectively [1] - The new business value margin improved from 53.3% in the same period of 2024 to 57.9% in 2025 [1] Market Performance - Among the 18 markets where AIA operates, 11 recorded double-digit year-on-year growth in the third quarter of 2025, with Hong Kong leading the growth [1] - The stock is currently trading at approximately 1.2 times the forecasted embedded value for 2026 [1] Investment Rating - Bank of America Securities maintains a "Buy" rating on AIA Group with a target price of HKD 90 [1]