AIA(HK:01299) 13个精算师·2025-08-22 09:59Core Viewpoint - AIA's subsidiary, AIA Life, has demonstrated strong growth in the Chinese insurance market, with several key operational indicators showing steady improvement in the first half of 2025 [1][2]. Group 1: Financial Performance - AIA Life achieved insurance business revenue of RMB 49.708 billion in the first half of 2025, representing a year-on-year growth of 14.1% [2]. - The new business value for the first half of 2025 was USD 743 million, with a 10% increase before accounting for economic assumption changes, and a 15% growth in the second quarter [2]. - The new business value margin was 58.6%, an increase of 2 percentage points year-on-year [2]. - As of the end of the second quarter of 2025, AIA Life's comprehensive solvency adequacy ratio was 410.03%, and the core solvency adequacy ratio was 287.82%, maintaining a AAA risk rating for two consecutive quarters [2]. Group 2: Market Potential - By 2030, the middle class and affluent population in mainland China is expected to exceed 550 million, with a significant increase in the aging population, projected to reach 40% by 2050 [3][5]. - There is a substantial gap in health and pension insurance, with a life insurance protection gap exceeding USD 600 billion and a health insurance protection gap exceeding USD 1.4 trillion by 2024, accounting for 50% of similar gaps across Asia [3][5]. Group 3: Competitive Advantages - AIA Life's marketing agent team is a key competitive advantage, with the average new business value per agent in 2024 being 2.9 times higher than the industry average [8]. - Since 2017, the new business value generated by AIA Life's agents has increased by 60%, while the market has declined by over 40% during the same period [10]. - AIA Life focuses on customer lifetime value with a differentiated product portfolio that meets various life stage needs, with over 90% of agents selling protection policies [11][13]. Group 4: Innovation and Technology - AIA Life has upgraded its "Health You Walk" app to "AIA You Share," transforming it into a comprehensive digital platform for customer interaction, facilitating over 5 million online customer interactions in 2024 [23][25]. - The integration of artificial intelligence in the "AIA You Share" platform has improved customer resource integration and marketing efficiency, achieving a 19% conversion rate for high-intent customer leads [25][30]. Group 5: Strategic Expansion - AIA Life plans to expand into new markets, targeting 1-2 new provinces annually from 2025 to 2030, with a goal of achieving a compound annual growth rate of 40% in new business value in these regions [35]. - The company has established 14 provincial-level institutions and aims to leverage its marketing channels and differentiated bancassurance models to drive growth in new markets [33][35].