Core Viewpoint - UBS expects AIA Group to announce its Q3 2025 results on October 31, forecasting a year-on-year increase in new business value (VNB) of 18% at actual exchange rates (AER) and 17% at constant exchange rates (CER), which is an acceleration compared to the first half's growth rates of 16% and 14% respectively [1] Group 1 - The forecast for AIA's new business value in mainland China is a year-on-year rebound of 20%, contrasting with a 4% decline in the first half [1] - UBS estimates that AIA's embedded value (EV) for the second half of 2025 will increase by 10% compared to the first half, which saw a growth of 2.6% [1] - The firm maintains a target price of HKD 88 for AIA and reiterates a "Buy" rating based on recent adjustments to earnings and embedded value in light of the latest macroeconomic environment [1]