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]

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].