Core Viewpoint - AIA Group is a leading life insurance company in the Asia-Pacific region, achieving significant growth in new business value and profitability, with a strong market presence and a robust agent network [1][2]. Group 1: Company Overview - AIA Group, headquartered in Hong Kong, has a century-long history and became an independent entity in 2009 after AIG's restructuring [1]. - The company is the largest independent listed life insurance group in the Asia-Pacific region, covering 18 markets [1]. - As of 2024, AIA reported an annualized new premium income of $8.606 billion, a net profit of $6.883 billion, and a new business value of $4.712 billion, ranking second among listed insurance companies [1]. Group 2: Business Performance - AIA maintains a high growth rate in new business value, with contributions from mainland China and Hong Kong consistently exceeding 50% [1]. - The new business value distribution as of 2024 is as follows: Mainland China 24.0%, Hong Kong 34.8%, Thailand 16.1%, Singapore 9.0%, Malaysia 6.9%, and other markets 9.2% [1]. Group 3: Agent Strategy and Quality - AIA adheres to a "best agents" strategy, establishing a benchmark for the industry in agent recruitment and retention [2]. - As of July 2024, AIA has 4,656 MDRT agents, leading globally and significantly surpassing domestic competitors [2]. - The company employs a comprehensive talent selection system focusing on educational background, professional experience, and certifications to ensure high-quality agents [2]. Group 4: Financial Outlook and Valuation - AIA's current valuation is at the 39th percentile since 2017, indicating a historical low, with potential for significant upside compared to past high-growth periods [3]. - Projected embedded value per share (EVPS) for 2025 to 2027 is $6.83, $7.46, and $8.22, respectively, with current P/EV ratios of 1.30, 1.19, and 1.08 [3]. - The target price is set between HKD 87.13 and HKD 94.10 per share, suggesting over 25% upside potential from current levels [3].