AIA(01299) 天风证券·2024-09-13 10:41Investment Rating - The investment rating for AIA Group is maintained as "Buy" with an expected growth of over 20% in stock price over the next six months [3][8]. Core Insights - The report highlights a strong growth in new business value (NBV) for AIA Group, achieving a record high of USD 2.455 billion in H1 2024, representing a year-on-year increase of 25% [1][2]. - The growth in NBV is primarily driven by annualized new premiums, which increased by 17% year-on-year at constant exchange rates, and an increase in NBV margin by 3.3 percentage points to 53.9% [1]. - AIA Group's performance is particularly strong in the Chinese mainland and Hong Kong markets, with NBV growth rates of 36% and 26% respectively [1][2]. Summary by Region - Group Performance: AIA Group achieved an NBV of USD 2.455 billion in H1 2024, with a strong growth of 25% year-on-year. The NBV margin increased to 53.9% [1]. - Mainland China: The NBV reached USD 782 million, up 36% year-on-year, with new market expansions contributing significantly to this growth. The NBV margin improved to 56.6% [1]. - Hong Kong: The NBV grew by 26% to USD 858 million, driven by double-digit growth from local customers and mainland visitors, as well as the introduction of new products [1][2]. - Singapore: The NBV increased by 27% to USD 219 million, with strong performance across all distribution channels [1][2]. - Other Markets: Thailand and Malaysia also saw double-digit growth in NBV, while performance in India, Indonesia, New Zealand, and Vietnam was weaker [2].