美联储降息落地，香港储蓄险也要跟着调整了 —— 预缴高利率、首年折扣大概率10月下调，友邦已传出 "取消预缴保证利率" 的消息！ 现在上车还能锁定5%高息，晚一步可能少赚10万美金，想配置的别等了！ 1.紧急提醒：10月后，港险优惠要 "缩水" 美联储上周正式降息，摩根大通预计年内还会再降 2 次（共 50 个基点）。 牵一发而动全身，香港保司为控制成本，大概率会做两个调整： 现在能享的 4.3%-5% 保证利率，10 月后可能取消或降到 3% 以下； 目前部分保司的首年回赠、折扣，后续可能收紧。 其中友邦动作最快，据消息称 10 月后将取消预缴保证利率优惠—— 这可不是小变动，直接影响收益： 以 "年交 20 万美元 ×5 年缴" 为例，现在预缴能享 4.7% 保证利率，总利息达 103151 美元（约首年保费的 51.5%）； | 指定儲蓄保險計劃 | 預繳保費期 | 預繳保費保證優惠年利率 | | | --- | --- | --- | --- | | | | 基本計劃的年繳保費 | | | | | 少於200.000美元 | 200,000美元或以上 | | · 「盈御多元貨幣計劃3」 · 環宇盈活儲 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target price range of HKD 87.13 to HKD 94.10, indicating over 25% upside potential from the current price of HKD 68.75 [6][3]. Core Insights - AIA Group is a leading life insurance company in the Asia-Pacific region, with a strong market presence and a robust network of agents and partners [1][15]. - The company achieved an annualized new premium income of USD 8.606 billion and a net profit of USD 6.883 billion for the year 2024, ranking second among listed insurance companies [1][15]. - AIA's new business value (NBV) reached USD 4.712 billion in 2024, reflecting a year-on-year growth of 18% [35]. Summary by Sections Company Overview - AIA Group, headquartered in Hong Kong, has a century-long history and focuses on life insurance in the Asia-Pacific region, covering 18 markets [1][14]. - The company has established a significant market share in various countries, with a strong emphasis on high-quality products and agent recruitment [15][39]. Business Performance - The company maintains a high new business value growth rate, with a new business value contribution from mainland China and Hong Kong consistently above 50% [2][39]. - As of 2024, the new business value distribution is as follows: Mainland China (24.0%), Hong Kong (34.8%), Thailand (16.1%), Singapore (9.0%), Malaysia (6.9%), and others (9.2%) [2][39]. Financial Projections - The report forecasts the company's earnings and financial metrics, predicting a diluted EPS of USD 0.62, USD 0.67, and USD 0.74 for 2025, 2026, and 2027, respectively [5]. - The expected embedded value per share (EVPS) for 2025, 2026, and 2027 is projected to be USD 6.83, USD 7.46, and USD 8.22, respectively [5]. Valuation and Market Position - AIA is expected to enjoy a valuation premium due to its top-tier agent quality and global asset allocation strategy [3]. - The company's average P/EV ratio since 2017 is 1.75x, significantly higher than domestic peers, with current valuations at historical lows [3][5]. Strategic Initiatives - AIA has implemented a multi-dimensional agent transformation strategy to enhance agent quality and retention, achieving a high MDRT count of 4,656 agents [2][3]. - The company is expanding its business footprint in mainland China, with recent approvals for new branches in key provinces [41][46].