AIA(01299) 光大证券·2024-03-17 16:00Investment Rating - The report maintains a "Buy" rating for AIA Group with a current price of HKD 61.0 [16]. Core Insights - AIA Group's new business value (VONB) showed strong growth, particularly in the mainland China market, with a year-on-year increase of 30.5% to USD 40.3 billion [16][18]. - The company achieved a net profit of USD 3.76 billion in 2023, reflecting a 13.0% increase compared to the previous year, driven by improved investment returns [16][18]. - AIA's annualized new premiums reached a record high of USD 76.5 billion, up 41.5% year-on-year, indicating robust demand for savings insurance products post-pandemic [16][18]. Summary by Sections New Business Value Performance - AIA's new business value in mainland China was USD 10.4 billion, with a year-on-year growth of 13.2% [9]. - The agency channel's new business value grew by 21.1% to USD 3.22 billion, while the partner distribution channel saw a 55.0% increase to USD 1.03 billion [3]. Financial Performance - The company's total assets increased to USD 286.3 billion in 2023, with total liabilities at USD 244.7 billion [10]. - The net profit for 2023 was USD 3.76 billion, with a projected growth of 28.6% in 2024 [21]. Market Outlook - AIA Group is well-positioned in 18 major markets across the Asia-Pacific region, with a clear strategy to penetrate the mainland China market further [18]. - The report anticipates continued growth in new business value driven by high-quality agency and partner distribution channels [18].