Investment Rating - The report maintains a "Buy" rating for AIA Group Ltd. with a target price adjusted to HKD 89.00 from the previous HKD 94.00, indicating a potential upside of 43.1% from the current price of HKD 62.20 [3][8][11]. Core Insights - The new business value (NBV) growth remains resilient across various markets, with year-on-year increases of +23% in Hong Kong, +20% in Mainland China, +15% in Thailand, +15% in Singapore, +10% in Malaysia, and +18% in other markets, contributing to an overall expected NBV growth of 14% for 2025 [2][8]. - AIA has announced a new share buyback plan of USD 1.6 billion, which is expected to enhance shareholder returns to approximately 6% [7][8]. - The company's operating profit after tax (OPAT) is projected to grow by 7% year-on-year to USD 6.605 billion in 2024, with a slight increase in earnings per share (EPS) to USD 0.60 [8][9]. Financial Performance - The total market capitalization of AIA Group is approximately HKD 673.75 billion, with an average trading volume of HKD 2.09 billion in March [3]. - The company reported a total NBV of USD 4.712 billion, reflecting an 18% increase year-on-year, although the growth rate in the second half of 2024 is expected to slow down [7][8]. - The operating return on equity (ROE) is forecasted to be 14.8%, up 1.3 percentage points from the previous year, indicating strong financial health [8][9]. Valuation Metrics - The stock is currently trading at 1.12x FY25E P/EV, which is at the lower end of its historical valuation range, suggesting significant upside potential [8][11]. - The report highlights that the dividend per share is expected to increase by 10% to USD 1.31, with an annual dividend yield of 3.1% [7][8]. - The adjusted target price reflects a valuation based on relative and appraisal methods, with the potential for further upward adjustments as shareholder returns and value growth progress [11][12].

Investment Rating - The report maintains a "Buy" rating for the company [8][11][12]. Core Insights - The new business value (NBV) growth shows resilience, with a projected increase of 14% year-on-year for 2025, despite adjustments in economic assumptions due to declining long-term interest rates in mainland China [2][8]. - A new share buyback plan of US$1.6 billion is expected to enhance shareholder returns to approximately 6% [7][8]. - The company's target price is adjusted to HKD 89.00, reflecting a potential upside of 43.1% from the current share price of HKD 62.20 [3][8]. Financial Performance - The company's market capitalization is approximately HKD 673.75 billion, with an average trading volume of HKD 2.09 billion in March [3]. - The NBV growth rates for various markets are as follows: Hong Kong +23%, mainland China +20%, Thailand +15%, Singapore +15%, Malaysia +10%, and other markets +18% [2]. - The operating profit after tax (OPAT) is projected to grow by 7% year-on-year to US$6.605 billion in 2024, with earnings per share (EPS) expected to reach US$0.60 [8][9]. Shareholder Returns - The total shareholder return rate is expected to reach 6% in 2025, combining dividends and share buybacks [7][8]. - The dividend per share is projected to increase by 10% year-on-year to US$1.31, with an annual dividend of US$1.75, reflecting a 9% increase [7][8]. Valuation Metrics - The company is currently trading at 1.12x FY25E P/EV, which is at the lower end of its historical valuation range [8][11]. - The adjusted target price corresponds to a FY25E P/EV of 1.60x, indicating significant upside potential [11][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record operating profit of 6.61 billion USD in 2024, representing a year-on-year increase of 12% (fixed exchange rate) / 6.3% (actual exchange rate) [4][11] - The net profit attributable to shareholders reached 6.84 billion USD, up 84% (fixed exchange rate) / 81.6% [4][11] - New business value increased by 18% (fixed exchange rate) / 16.8% to 4.71 billion USD, with a year-end embedded value of 69.04 billion USD, up 2.4% from the beginning of the year [4][11] - The company announced an additional share buyback plan of 1.6 billion USD, reflecting confidence in its long-term operational performance [11] Summary by Sections Financial Performance - In 2024, the company reported an operating profit of 6.61 billion USD, with a net profit of 6.84 billion USD, and a new business value of 4.71 billion USD [4][11] - The annual dividend per share was 1.75 HKD, an increase of 8.8% year-on-year [4] New Business Value - The new business value for 2024 was 4.71 billion USD, with quarterly growth rates of 26.9%, 14.8%, 16.8%, and 8.4% respectively [5] - The annualized new premium for 2024 was 8.61 billion USD, reflecting a year-on-year increase of 12.5% [5] Market Contributions - The new business value from the mainland China market grew by 17.4% to 1.22 billion USD, while the Hong Kong market contributed 1.76 billion USD, up 23.4% [6][7] - The company successfully opened new branches in major cities in mainland China, enhancing its market presence [6] Distribution Channels - The agent channel saw a 15.2% increase in new business value, while the partner distribution channel grew by 26.2% [10] - The company has maintained its position as the leader in the global Million Dollar Round Table membership for ten consecutive years [14] Future Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 8.1 billion USD and 8.8 billion USD respectively, with a new forecast for 2027 set at 9.8 billion USD [14] - The stock price corresponds to a price-to-earnings value of 1.19, 1.10, and 1.03 for 2025-2027 [14]

Investment Rating - The investment rating for AIA Group Limited is "Outperform" (maintained) [1] Core Views - The report highlights that the company achieved a 2024 New Business Value (NBV) of USD 4.71 billion, representing an 18% year-on-year increase, which aligns with expectations [4] - The report anticipates a steady growth in NBV for 2025-2026, with projections of +10.8% and +10.2% respectively, and a new forecast for 2027 at +10.4% [4] - The company is recognized as a leader in the Asia-Pacific life insurance sector, with strong performance in its main business regions [4] Financial Performance Summary - The total premium and fee income for 2023 was HKD 32.1 billion, with a year-on-year growth of 13.3% [6] - The intrinsic value increased to HKD 54.5 billion in 2024, reflecting a 2.1% year-on-year growth [6] - The NBV for 2024 is projected to be HKD 3.7 billion, with a year-on-year increase of 16.8% [6] - The net profit attributable to shareholders for 2024 is estimated at HKD 46.9 billion, showing a year-on-year decrease of 5.4% [6] - The price-to-earnings (P/E) ratio for 2025 is projected at 12.4 times, while the price-to-embedded value (P/EV) ratio is expected to be 1.1 times [6] Regional Performance - The NBV growth in various regions for 2024 is as follows: Mainland China +20%, Hong Kong +23%, Thailand +15%, Singapore +15%, Malaysia +10%, and other regions +18% [5] - The Mainland China market achieved an NBV of USD 1.22 billion, with a year-on-year increase of 20% [5] - Hong Kong's NBV reached USD 1.76 billion, benefiting from a rebound in individual insurance channels and strong demand for savings products [5]

Investment Rating - The investment rating for AIA Group Limited is maintained at "Outperform" [1] Core Views - The report highlights that the company achieved a 2024 New Business Value (NBV) of USD 4.71 billion, representing an 18% year-on-year increase, which aligns with expectations [4] - The 2024 annualized new premium reached USD 8.61 billion, up 14% year-on-year, with a margin increase of 1.9 percentage points to 54.5% [4] - The after-tax operating profit increased to USD 6.605 billion, reflecting a 7% year-on-year growth [4] - The report projects NBV growth of 10.8% and 10.2% for 2025 and 2026, respectively, with an additional forecast of 10.4% for 2027 [4] - The company's strong liability performance and stable asset yield led to an upward revision of the 2025-2026 net profit forecast to HKD 52.7 billion and HKD 56.7 billion, respectively [4] Financial Summary and Valuation Metrics - The total premium and fee income for 2023 was HKD 32.1 billion, with a year-on-year growth of 13.3% [6] - The embedded value for 2024 is projected at HKD 55.7 billion, with a year-on-year increase of 2.1% [6] - The new business value for 2024 is expected to be HKD 37 billion, reflecting a 16.8% year-on-year growth [6] - The net profit attributable to shareholders for 2024 is forecasted at HKD 46.9 billion, with a year-on-year decrease of 5.4% [6] - The price-to-earnings ratio (P/E) for 2025 is estimated at 12.4 times, while the price-to-embedded value (P/EV) is projected at 1.1 times [6]

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (1299.HK) with a current price of HKD 61.25 [1] Core Insights - In 2024, AIA achieved a record operating profit of USD 6.61 billion, a year-on-year increase of 12% (fixed exchange rate) / 6.3% (actual exchange rate). The net profit attributable to shareholders reached USD 6.84 billion, up 84% (fixed exchange rate) / 81.6% [4][11] - The new business value for 2024 was USD 4.71 billion, reflecting an 18% increase (fixed exchange rate) / 16.8% [4][11] - AIA announced an additional USD 1.6 billion share buyback plan, demonstrating confidence in its long-term operational performance [11] Summary by Sections Financial Performance - AIA's operating profit reached a record high of USD 6.61 billion in 2024, with a year-on-year growth of 12% (fixed exchange rate) / 6.3% (actual exchange rate) [11] - The net profit attributable to shareholders was USD 6.84 billion, marking an 84% increase (fixed exchange rate) / 81.6% [4][11] - The annual dividend per share was HKD 1.75, an increase of 8.8% year-on-year [4] New Business Value - The new business value for 2024 was USD 4.71 billion, up 18% (fixed exchange rate) / 16.8% year-on-year [4][11] - The annualized new premium for 2024 was USD 8.61 billion, reflecting a 12.5% increase year-on-year [5] - The new business value margin was recorded at 54.5%, an increase of 1.9 percentage points year-on-year [5] Market Performance - The new business value in the China mainland market grew by 17.4% to USD 1.22 billion, while the Hong Kong market contributed USD 1.76 billion, up 23.4% [6][7][14] - The new business value in Thailand, Singapore, and Malaysia was USD 0.82 billion, USD 0.45 billion, and USD 0.35 billion respectively, with year-on-year growth rates of 14.4%, 15.2%, and 9.4% [8][14] Share Buyback and Future Outlook - AIA completed a USD 12 billion share buyback plan in February 2025 and announced a new USD 1.6 billion buyback plan, indicating strong confidence in future operational and financial performance [11] - The report projects net profit for 2025-2026 to be USD 8.13 billion and USD 8.84 billion respectively, with an upward revision from previous estimates [14][16]

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (1299 HK) with a target price of HKD 85.00 [7][8]. Core Insights - AIA's 2024 EPS is projected at USD 0.62, exceeding the previous forecast of USD 0.56, primarily due to better-than-expected investment returns. The new business value (NBV) is expected to grow by 18% year-on-year (constant exchange rate) [1][2]. - The report highlights strong growth in the Greater China market, with Hong Kong's NBV increasing by 23% and mainland China's NBV growing by 20%. Southeast Asian markets also show robust growth, with Thailand, Singapore, and Malaysia's NBV increasing by 15%, 15%, and 10%, respectively [2][3]. - AIA's agent channel NBV grew by 16%, accounting for 79% of total NBV, with a high margin of 67.6%. The active agent count increased by 7% year-on-year, and the productivity of agents rose by 5% [3][4]. - The company has continued its stock buyback program, completing USD 7 billion of a USD 12 billion plan since 2022, with an additional USD 1.6 billion buyback announced. The expected dividend yield is 6% based on early-year prices, indicating high dividend characteristics [4][5]. Summary by Sections Financial Performance - AIA's total premium income is projected to reach USD 19.314 billion in 2024, reflecting a growth of 10.28%. The net profit attributable to shareholders is expected to rise significantly by 81.62% to USD 6.836 billion in 2024 [6][21]. - The report forecasts EPS growth from USD 0.62 in 2024 to USD 0.78 by 2027, with a consistent increase in dividends per share from USD 0.22 to USD 0.32 over the same period [6][21]. Valuation and Estimates - The target price of HKD 85 is derived from both book value and embedded value methods, with adjustments made to EPS forecasts for 2025, 2026, and 2027 to USD 0.63, USD 0.70, and USD 0.78, respectively [5][12]. - The report indicates a slight reduction in NBV growth expectations due to investment volatility, but maintains a positive outlook on AIA's long-term growth potential [5][12].