友邦保险（01299）：每股OPATyoy+12%，新增16亿美元回购计划

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299) [2][8] Core Insights - The company's NBV (New Business Value) growth is in line with expectations, with a year-on-year increase of 18% to $4.712 billion, while OPAT (Operating Profit After Tax) exceeded targets with a 12$1.6 billion has been announced, indicating strong shareholder returns [6] - The company has shown a significant increase in equity asset allocation, with total investment assets rising by 8.2% year-on-year to $255.3 billion [8] Financial Performance Summary - For 2024, the company reported a year-on-year increase in OPAT of 7$6.605 billion, with net profit attributable to shareholders rising by 81.6% to $6.836 billion [5][10] - The expected growth in net profit for 2025-2027 is projected at$7.774 billion, $8.434 billion, and$8.949 billion respectively, with corresponding year-on-year growth rates of 13.7%, 8.5%, and 6.1% [10][12] - The company's PEV (Price to Embedded Value) is currently at 1.14x for 2025, indicating a potential valuation recovery opportunity [8][10] Market Segmentation Analysis - In Hong Kong, NBV increased by 23% to $1.764 billion, driven by strong performance in agent and partner distribution channels [11] - In mainland China, NBV grew by 20$1.217 billion, supported by the establishment of four new branches [11] - Southeast Asian markets showed robust growth, with Thailand, Singapore, and Malaysia reporting NBV increases of 15%, 15%, and 10% respectively [11]