Zhi Tong Cai Jing·2026-03-20 03:56Group 1 - UBS reports that AIA Group (01299) can achieve a new business value growth of around 15% in the mid-teens for the interim period, with a total shareholder return rate of 4%, maintaining a "Buy" rating [1] - Due to a shift in business portfolio, capital efficiency has improved, with a projected 23% increase in new business value from new business investments by 2025 [1] - The bank has adjusted its forecasts for 2026, lowering net profit and embedded value predictions by 8% and 3% respectively, and has reduced the target price from HKD 106 to HKD 104 [1] Group 2 - AIA has addressed investor concerns regarding artificial intelligence, the Iran conflict, and private credit [2] - In terms of artificial intelligence, a survey indicated that 85% of respondents prefer purchasing insurance from trusted advisors, with only 2% leaning towards a purely digital model; AI has contributed significantly, with over 49% of new business value from agents expected to come from digital leads by 2025 [2] - The company has minimal direct exposure to risks from the Iran conflict, and its exposure in the Middle East is very small; private credit funds account for only 2.2% of non-dividend and surplus assets, with over 60% being priority secured direct loans, and no investments in specific AI, software, or technology sector funds [2]