AIA(01299) 华创证券·2024-08-23 10:41Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299.HK) with a target price of HKD 77.80, compared to the current price of HKD 54.45 [4][5]. Core Insights - AIA Group reported a new business value (NBV) of USD 2.455 billion for H1 2024, representing a year-on-year increase of 25% at constant exchange rates. The NBV margin improved by 3.3 percentage points to 53.9% [4][5]. - The company's annualized new premiums increased by 17% to USD 4.546 billion, driven by strong performance in key markets such as Hong Kong and mainland China [4][5]. - The report highlights the company's competitive advantage in agent distribution channels, which supports the sales of complex high-end insurance products, thereby sustaining high NBV margins [4][5]. Financial Performance Summary - For H1 2024, the after-tax operating profit reached USD 3.386 billion, with earnings per share (EPS) projected to be USD 0.47, USD 0.54, and USD 0.57 for 2024, 2025, and 2026 respectively, revised from previous estimates of USD 0.40, USD 0.44, and USD 0.47 [4][7]. - The intrinsic value equity reached USD 74.234 billion, reflecting a 2% increase from the beginning of the year [4][5]. - The total investment income for H1 2024 was reported at USD 3.391 billion, with a net investment yield of 4.3%, remaining stable year-on-year [4][5]. Market Performance - The report notes that the mainland China market showed impressive growth, with NBV increasing by 36% to USD 0.782 billion, while the NBV margin rose by 6.4 percentage points to 56.6% [4][5]. - In Hong Kong, the NBV grew by 26% to USD 0.858 billion, with a margin increase of 8.8 percentage points to 65.7% [4][5]. - The Southeast Asian markets, including Thailand and Singapore, also demonstrated positive growth, with Thailand's NBV increasing by 16% and Singapore's by 27% [4][5].