智通财经网·2026-03-20 07:28Core Viewpoint - The report from CICC maintains a "outperform" rating for AIA Group (01299) with a target price of HKD 105.7, indicating a 25% upside potential based on the forecasted embedded value for 2026 being 1.6 times the current price [1] Group 1: Financial Performance - AIA's new business value (VONB) is expected to grow by 15% year-on-year to USD 5.516 billion for 2025, aligning with CICC's expectations [1] - Annualized new premiums (APE) increased by 9% year-on-year to USD 9.484 billion [1] - After-tax operating profit (OPAT) per share grew by 13% year-on-year to USD 0.68 [1] - Final dividend increased by 10% year-on-year to HKD 1.93 [1] Group 2: Market Performance - The Hong Kong market showed strong growth momentum, with VONB increasing by 28% year-on-year to USD 2.256 billion, driven by balanced demand from customers and mainland visitors, which grew by 21% and 35% respectively [2] - AIA China focused on high-quality growth, achieving a 2% year-on-year increase in VONB to USD 1.24 billion, with a notable acceleration in growth to 14% in the second half of the year [2] - The number of newly recruited agents and active agents increased by 14% and 8% respectively, supporting better-than-industry growth in protection business [2] - The Thai market performed well, with VONB growth of 13% to USD 0.993 billion and an improvement in value rate by 11.4 percentage points to 110.9% [2]