智通财经网·2025-11-04 04:02Core Viewpoint - AIA Group (01299) has exceeded expectations in the mainland market, with agent trends supporting future new business growth, leading to an optimistic outlook for AIA China in 2026 [1] Financial Performance - AIA's new business value for Q3 and the first three quarters increased by 25% and 18% year-on-year at constant exchange rates, reaching USD 1.476 billion and USD 4.314 billion respectively, significantly outperforming both the bank's and market's expectations [1] - The actual exchange rates showed an increase of 27% and 19% for the same periods [1] - The new business value rate at constant exchange rates grew by 5.7 and 4.2 percentage points year-on-year to 58.2% and 57.9% for Q3 and the first three quarters respectively [1] Valuation Adjustments - Due to the strong growth in new business, the company has raised its earnings per share OPAT estimates for 2025 and 2026 by 2.3% and 1.8% respectively [1] - The valuation basis for the stock price has been adjusted to 1.5 times the 2026 embedded value ratio (PEV), resulting in a target price increase of 12% to HKD 93.1, while maintaining an outperform rating [1]