Investment Rating - The investment rating for AIA Group Limited is "Buy" (maintained) [1] Core Insights - The new business value (NBV) for the first quarter of 2025 increased by 13% year-on-year, indicating a recovery in the new business value rate [7] - The annualized new premium (ANP) reached 2.62 billion USD, reflecting a 7% year-on-year growth [7] - The NBV margin improved to 57.5%, up by 3 percentage points year-on-year, with expectations for continued recovery in 2025 [7] - The company has initiated a share repurchase plan of 1.6 billion USD, which began on April 14 [7] - The forecast for after-tax operating profit for 2025-2027 is maintained at 7.24 billion, 7.98 billion, and 8.71 billion USD respectively, indicating a positive outlook [7] Financial Performance Summary - Insurance revenue is projected to grow from 19.31 billion USD in 2024 to 21.90 billion USD in 2027, with a compound annual growth rate (CAGR) of approximately 4.43% [20] - After-tax operating profit is expected to increase from 6.61 billion USD in 2024 to 8.71 billion USD in 2027, reflecting a growth trajectory [20] - Earnings per share (EPS) is forecasted to rise from 0.64 USD in 2024 to 0.92 USD in 2027 [20] - The price-to-earnings (P/E) ratio is projected to decrease from 11.00 in 2024 to 7.66 in 2027, indicating potential undervaluation [20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company demonstrated strong growth resilience, with significant new customer acquisition in tax-advantaged products in China and rapid expansion in business regions, suggesting good long-term growth potential [4]. - The company reported a 13% year-on-year increase in New Business Value (NBV) for Q1 2025, reaching $1.497 billion, with a margin improvement of 3.0 percentage points to 57.5% [2]. - The recent $1.6 billion share buyback program commenced on April 14, 2025, expected to be completed within three months [3]. Financial Performance Summary - For 2025, the projected insurance revenue is $20.454 billion, reflecting a year-on-year growth of 5.9% [9]. - The forecasted net profit attributable to shareholders for 2025 is $6.732 billion, with a slight decrease of 1.5% year-on-year [9]. - The New Business Value is expected to reach $54.23 billion in 2025, with a year-on-year growth of 15.1% [9]. - The company's earnings per share (EPS) for 2025 is projected at $0.63, with a price-to-earnings (P/E) ratio of 11.17 [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company demonstrated strong growth resilience, with significant new customer acquisition in tax-advantaged products in China and rapid expansion in business regions, suggesting good long-term growth potential [4]. - The company reported a 13% year-on-year increase in New Business Value (NBV) for Q1 2025, reaching $1.497 billion, with a margin improvement of 3.0 percentage points to 57.5% [2]. - The company has initiated a $1.6 billion share buyback program, expected to be completed within three months [3]. Financial Performance - The NBV growth was driven by a favorable shift in product mix, with agency channel NBV increasing by 21% to $1.218 billion, contributing over 75% of total NBV [2]. - The company forecasts a compound annual growth rate (CAGR) of 9% to 11% for after-tax operating profit per share from 2023 to 2026 [3]. - Insurance revenue is projected to grow from $17.514 billion in 2023 to $22.678 billion by 2027, reflecting a year-on-year growth rate of 7.3% to 10.3% [9][10]. Regional Performance - AIA Hong Kong reported a 16% increase in NBV, benefiting from balanced growth in local and mainland Chinese visitors [2]. - AIA Thailand experienced exceptional NBV growth due to regulatory changes that introduced personal medical insurance products, leading to strong agency channel sales [2]. - AIA Singapore saw robust NBV growth, particularly in unit-linked long-term savings products, with strong agency productivity [2]. Valuation Metrics - As of now, the company's Price to Embedded Value (PEV) stands at 1.04 times, indicating a low valuation level and suggesting long-term investment value [4]. - The projected earnings per share (EPS) is expected to grow from $0.35 in 2023 to $0.79 by 2027, with a corresponding increase in Return on Equity (ROE) from 8.8% to 18.8% over the same period [9][10].