Core Viewpoint - Goldman Sachs reported that AIA's new business value for the third quarter increased by 25% and 27% year-on-year at fixed and actual exchange rates respectively, significantly exceeding the bank's and market's forecast of a 17% increase at actual exchange rates, primarily due to record high new business value in Hong Kong and strong growth in mainland China [1] Group 1: Business Performance - AIA's new business value in Hong Kong reached a historical high for the quarter [1] - Strong growth was also observed in mainland China, contributing to the overall performance [1] - Thailand experienced double-digit growth, while Singapore showed strong growth, both meeting expectations [1] - Malaysia recorded positive growth, surpassing expectations [1] Group 2: Market Reaction and Projections - Given the significant outperformance in quarterly new business value, AIA's stock price is expected to react positively following the earnings announcement [1] - AIA's quarterly new business contract service margin grew by 25% year-on-year, which will continue to drive profit growth and free surplus generation [1] - Goldman Sachs currently sets a target price of HKD 85 for AIA, with a "Buy" rating [1]

Core Viewpoint - Bank of America Securities reports that AIA Group (01299) is expected to announce its operating data for the first three quarters of the year at the end of October, with a projected year-on-year growth of 15% for both the third quarter and the first nine months in terms of new business value (VNB) at actual exchange rates, maintaining an annual growth forecast of 14% to 15% [1] Group 1 - The potential upside may come from accelerated growth in China and smaller ASEAN markets [1] - The target price remains unchanged at HKD 90, with a "Buy" rating [1] - In terms of market segmentation, the mainland China market's VNB returned to growth in the second quarter, with expectations for continued growth in the third quarter, projected at 3% to 5%, indicating slight quarter-on-quarter improvement [1] Group 2 - For the Hong Kong market, the VNB growth from mainland visitors is expected to slow to 14% year-on-year, down from approximately 30% in the first half of the year, while local customer VNB growth may remain around 20% year-on-year [1]

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]

Core Insights - China Ping An (601318)(02318) reported a 39.8% year-on-year growth in new business value (NBV) for the first half of the year [1] - The new business contract service margin (CSM) turned to positive year-on-year growth during the period [1] - The pre-dividend book value increased by 4.8% year-on-year [1] Financial Performance - The proportion of equity investments in asset allocation increased, contributing to a comprehensive return rate of 3.1% for the first half, up by 0.3 percentage points [1] - The comprehensive cost ratio for property insurance improved to 95.2%, a decrease of 2.6 percentage points [1] - Operating profit from asset management and financial empowerment businesses accelerated, marking another highlight for the company [1] Analyst Rating - The bank reiterated a "Buy" rating for China Ping An, maintaining a target price of HKD 69 [1]