Core Viewpoint - AIA Group's 1H25 performance aligns with expectations, showing robust growth in new business value (VONB) and operational profit, indicating strong operational efficiency and a solid outlook for future growth [1][4]. Group 1: VONB Performance - The company's VONB for 1H25 reached $2.84 billion, representing a year-over-year increase of 14% [1][2]. - VONB margin improved to 57.7%, up 3.4 percentage points year-over-year [1][2]. - VONB growth rates varied by region: Mainland China +10%, Hong Kong +24%, Thailand +35%, Singapore +16%, Malaysia -3%, and other regions +14% [2]. Group 2: Distribution Channels - The agent channel generated VONB of $2.22 billion, a 17% increase year-over-year, driven by improved product margins and agent quality [3]. - The partner distribution channel contributed VONB of $804 million, up 8% year-over-year, with a margin of 43.3% [3]. Group 3: Operational Profit and Free Surplus - The operational profit after tax (OPAT) for 1H25 was $3.61 billion, reflecting a 6% year-over-year increase [4]. - The company generated a free surplus of $2.43 billion, a 7% increase year-over-year, indicating strong capital generation capabilities [4]. Group 4: Investment Outlook - The company maintains a strong buy rating, with expectations for VONB growth rates of +15.2%, +9.2%, and +8.9% for 2025-2027 [5]. - The current stock price corresponds to projected PEV multiples of 1.32, 1.22, and 1.10 for 2025-2027 [5].