Core Insights - AIA Group reported a post-tax operating profit of $3.61 billion for the first half of 2025, reflecting a year-on-year increase of 7% at constant exchange rates and 6.6% at actual exchange rates [1] - The company's net profit attributable to shareholders was $2.53 billion, showing a year-on-year decline of 23.5% [1] - New business value reached $2.84 billion, marking a year-on-year increase of 14% at constant exchange rates and 15.6% at actual exchange rates [1] - The embedded value stood at $70.85 billion, up 2.6% from the beginning of the year [1] - The interim dividend per share was 49 Hong Kong cents, an increase of 10.1% year-on-year [1] New Business Value Growth - The new business value achieved a record high of $2.84 billion, with a year-on-year growth of 14% at constant exchange rates, driven by increased sales and improved profitability of new business [1] - The annualized new premium for the first half of 2025 was $4.94 billion, reflecting an 8.7% year-on-year increase [1] - The new business value margin recorded 57.7%, up 3.8 percentage points year-on-year, benefiting from product structure optimization and repricing in the Thailand and mainland China markets [1] Regional Performance - The mainland China market reported new business value of $740 million, a year-on-year decrease of 5.0%, but showed a 10% increase at constant exchange rates when excluding economic assumption changes [2] - The Hong Kong market's new business value grew by 23.9% to $1.06 billion, maintaining its position as the largest contributor to the group's new business value [2] - The Southeast Asia market, particularly Thailand, saw a significant increase in new business value by 45.4% to $520 million, driven by regulatory changes and strategic partnerships [3] Distribution Channels - The agency channel's new business value increased by 19.4% to $2.22 billion, accounting for over 70% of the company's new business value [4] - The partner distribution channel also saw an 8.4% year-on-year increase in new business value to $800 million, with the bancassurance channel growing by 10% [4]

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (1299.HK) [1] Core Insights - In Q1 2025, AIA Group achieved a new business value of USD 1.5 billion, representing a year-on-year growth of 13% (fixed exchange rate) and 12.8% (actual exchange rate) [5][11] - The new business value margin reached 57.5%, an increase of 3.3 percentage points year-on-year, primarily due to product structure optimization [5][11] - Annualized new premiums amounted to USD 2.62 billion, reflecting a year-on-year increase of 6.9% [5][11] - Total weighted premium income was USD 12.68 billion, up 13.0% year-on-year [5][11] Market Performance - In the mainland China market, new business value grew by 8% year-on-year, with a new business value margin exceeding 50% [6] - The Hong Kong market saw a 16% year-on-year increase in new business value, benefiting from balanced growth in local and MCV businesses [6] - Southeast Asia markets, particularly Thailand and Singapore, experienced rapid growth in new business value, driven by regulatory changes and strategic partnerships [7] Share Buyback Plan - AIA Group announced a new USD 1.6 billion share buyback plan, expected to be completed within three months [8] Financial Forecasts - The report forecasts AIA Group's net profit for 2025-2027 to be USD 8.13 billion, USD 8.84 billion, and USD 9.75 billion respectively [11][12] - The projected price-to-earnings (P/E) ratios for 2025-2027 are 9.9, 9.1, and 8.2 respectively, indicating a favorable valuation [12]