【友邦保险（1299.HK）】“量价齐升”推动新业务价值增长提速——2025年三季度新业务业绩点评（王一峰/黄怡婷）

Core Viewpoint - AIA Group achieved a new business value of USD 4.31 billion in the first three quarters of 2025, reflecting a year-on-year increase of 18% at fixed exchange rates and 19.3% at actual exchange rates, with a notable growth of 27.1% in Q3 alone [5][6]. Summary by Sections New Business Value Performance - The company reported a new business value of USD 4.31 billion for the first three quarters of 2025, marking an 18% increase year-on-year at fixed exchange rates and 19.3% at actual exchange rates, with Q3 showing a significant 27.1% growth [5][6]. - The annualized new premium reached USD 7.49 billion, up 10.9% year-on-year, with Q3 showing a 15.3% increase [5][6]. Market Performance - In mainland China, the new business value in Q3 grew by 27% year-on-year, contributing to a 5% increase for the first three quarters, driven by both agency and bancassurance channels [7]. - The Hong Kong market saw a 40% year-on-year increase in new business value in Q3, supported by local and MCV business growth [7]. - The ASEAN market experienced a 15% year-on-year growth in new business value in Q3, with Thailand showing a 20% increase [8]. Distribution Channels - The agency and partner distribution channels reported year-on-year growth of 19% and 46% respectively in Q3, with the agency channel contributing over 70% to the new business value [9]. - The number of new agents increased by 18%, enhancing the company's competitive advantage and driving value growth [9].