Core Insights - FWD Group (01828) reported a 9-month performance ending September 30, 2025, with new business sales reaching USD 1.935 billion, a year-on-year increase of 37% [1] - The new business contract service margin was USD 1.158 billion, reflecting a 27% year-on-year growth [1] - The growth rates for new business contract service margin and new business value were 27% and 17%, respectively, indicating strong potential for shareholder value enhancement [1] Distribution Channels - The company demonstrated strong momentum from its balanced and diversified distribution channels, particularly in the high-net-worth client market in Hong Kong and Singapore [1] - New business sales in these regions achieved a high double-digit year-on-year growth, now accounting for 37% of the group's overall business [1] Regional Performance - Strong demand from local and visiting clients continued to drive robust new business growth in the Hong Kong Special Administrative Region and Macau [1] - The emerging markets segment saw strong double-digit growth in new business sales, reflecting growth momentum in Singapore, Malaysia, the Philippines, and the joint venture BRI Life in Indonesia [1] - In Japan, the increase in new business sales was attributed to the solid performance of personal protection business and FWD's recent entry into the retirement and savings market [1] - The low interest rate environment continued to impact new business performance in Thailand and Cambodia [1]

Core Insights - China Ping An's new business value (NBV) increased by 39.8% year-on-year in the first half of the year [1] - The new business contract service margin (CSM) turned to positive year-on-year growth during the same period [1] - The pre-dividend book value rose by 4.8% year-on-year [1] Financial Performance - The proportion of equity in asset allocation increased, contributing to a comprehensive return rate of 3.1%, up by 0.3 percentage points [1] - The comprehensive cost ratio for property insurance improved to 95.2%, a decrease of 2.6 percentage points [1] - Operating profit from asset management and financial empowerment businesses accelerated, marking another highlight [1] Analyst Rating - The firm reiterated a "Buy" rating for China Ping An, maintaining a target price of HKD 69 [1]

Core Insights - AIA Group reported a 13% increase in new business value to USD 1.497 billion in Q1 2025, with annualized new premiums growing by 7% to USD 2.617 billion [1][2] - The new business value margin improved by 3.0 percentage points to 57.5%, and the service margin for new business contracts increased by 16% [1] - The shareholder capital ratio remains strong, exceeding 200%, indicating robust financial health [1] Group Performance - The CEO highlighted that the company is building on its strong performance in 2024, maintaining growth momentum in Q1 2025 with record new business value [2] - The "best agents" strategy is a key pillar for growth, contributing over 75% of the new business value in Q1 2025 [2] - Active agent numbers increased by 8%, supported by strong recruitment efforts and a focus on long-term customer relationships [2] Market Positioning - The company emphasizes a diversified and resilient product portfolio, driven by a leading digital platform that enhances agent productivity [2] - The experienced management team is committed to building a sustainable high-quality business, focusing on strategic priorities to navigate global market volatility [2] - AIA Group aims to leverage its competitive advantages to create long-term sustainable value for all stakeholders in the attractive Asian life and health insurance market [2]