AIA(01299) 东吴证券·2025-04-30 10:06Investment Rating - The investment rating for AIA Group Limited is "Buy" (maintained) [1] Core Insights - The new business value (NBV) for the first quarter of 2025 increased by 13% year-on-year, indicating a recovery in the new business value rate [7] - The annualized new premium (ANP) reached 2.62 billion USD, reflecting a 7% year-on-year growth [7] - The NBV margin improved to 57.5%, up by 3 percentage points year-on-year, with expectations for continued recovery in 2025 [7] - The company has initiated a share repurchase plan of 1.6 billion USD, which began on April 14 [7] - The forecast for after-tax operating profit for 2025-2027 is maintained at 7.24 billion, 7.98 billion, and 8.71 billion USD respectively, indicating a positive outlook [7] Financial Performance Summary - Insurance revenue is projected to grow from 19.31 billion USD in 2024 to 21.90 billion USD in 2027, with a compound annual growth rate (CAGR) of approximately 4.43% [20] - After-tax operating profit is expected to increase from 6.61 billion USD in 2024 to 8.71 billion USD in 2027, reflecting a growth trajectory [20] - Earnings per share (EPS) is forecasted to rise from 0.64 USD in 2024 to 0.92 USD in 2027 [20] - The price-to-earnings (P/E) ratio is projected to decrease from 11.00 in 2024 to 7.66 in 2027, indicating potential undervaluation [20]