AIA Group 1299

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AIA Opens 1.8% Lower as 1H24 NBV Sets New High

AIA's 1H24 NBV amounted to US$2.455 billion, hitting a new high, up 25%/ 21% YoY on CER/ AER basis, achieving the upper end of the expected range of US$2.430 billion to US$2.455 billion as forecasted by 8 brokers summarized by our reporters.

Related News: CLSA Adjusts TPs for Insurers; Top Picks AIA (01299.HK), PICC P&C (02328.HK)

During the period, the Group recorded a 47.3% YoY growth in net profit to US$3.314 billion.

Interim dividend increased by 5.2% YoY to $44.5 cents.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

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AIA (01299.HK) to Continue Exploring Operations in More CN Provinces

Speaking at AIA (01299.HK)'s interim results press conference, Group CEO and President Lee Yuan Siong stated that the Group is guiding a compound annual growth rate (CAGR) of 9-11% in operating profit after tax per share from 2023 to 2026.

This reflected confidence in the future growth prospects of the business.

He believed the group would continue to deliver satisfactory results in the future, which would be reflected in the share price.

Jacky Chan, AIA's Regional Chief Executive Officer and Group Chief Distribution Officer, outlined that in 1H24, the group successfully launched its business in three new cities in Sichuan and Hubei Provinces.

AIA will continue to explore new provinces in the Mainland.

Discussions with the relevant authorities have so far been very positive and it is expected that one or two new operating licences will be forthcoming.

Related News: AIA Interim VONB Up 21% on AER In Line, Up 25% on CER

Garth Jones, AIA's Chief Investment Officer, said the interim dividend was up 5.2% YoY. At the end of the reporting period, US$3.1 billion was outstanding for the US$12 billion repurchase programme was outstanding.

The group has returned approximately US$15 billion to shareholders over the past two and a half years and will maintain a prudent, sustainable and progressive dividend policy going forward, as well as continuing to supplement its ongoing share repurchase programme.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

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AIA steams ahead as new business hits record high

by June Chen

Net profit in the first half soared by 47 percent to US$3.31 billion (HK$25.8 billion)

VONB rose 25 percent to a record high of US$2.46 billion in the first six months.

In the mainland, the VONB jumped by 30 percent to US$782 million and in Hong Kong, it surged by 26 percent to US$858 million. However, the VONB saw declines in India, Indonesia, New Zealand and Vietnam.

Accounts for more than 8 percent of the city's benchmark Hang Seng Index, the fourth heaviest weight.

Source: Bloomberg

https://www.thestandard.com.hk/section- ... ecord-high

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AIA Group (1299 HK)
1H24: Strong Beat In Results; Eyeing 9-11% Three-year CAGR For OPAT Per
Share

AIA delivered strong 1H24 results with VONB growing 26% yoy, ahead of our and
market expectations.

This was driven by a 17% yoy ANP growth and a 3.3ppt yoy margin expansion.

Key financial metrics like OPAT and EV also showed encouraging improvement.

We believe management's new guidance on OPAT per share growth targets and better margin performance across the Greater China market could lead to valuation re-rating in the near term.

Maintain BUY: Target price: HK$91.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

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<Results>AIA 3Q VONB Up 17% on AER Slight Beat, Up 16% on CER

AIA (01299.HK) announced 16% growth in value of new business (VONB) on constant exchange rates (CER) at US$1.161 billion for the third quarter ended 30 September 2024.

On actual exchange rates (AER), the VONB rose 17%.

The amount topped the upper limit of US$1.136 billion as predicted by the four brokers surveyed by our reporters.

It realized growth from 15 of its 18 markets.

The annualized new premiums (ANP) grew 14% to US$2.212 billion.

AIA China achieved 9% VONB growth during the quarter. AIA China continues to make encouraging progress with geographical expansion, delivering excellent VONB growth as it drives quality recruitment and active agent numbers. It has recently received regulatory approvals to begin preparations to establish new provincial branches in Anhui and Shandong.

AIA Hong Kong delivered 24% VONB growth, driven by increases of 28% from its domestic customer segment and 20% from the Mainland Chinese visitor (MCV) customer segment.

AIA Thailand reported positive VONB growth.

In aggregate, its ASEAN businesses achieved 8% VONB growth.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

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AIA posts record 3Q new business value on China, Hong Kong growth

By John Biju

Reported growth in 15 of its 18 markets during the quarter.

Source: Reuters

https://theedgemalaysia.com/node/732354

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AIA's new business rises 16pc in quarter

by Cici Cao

AIA's average credit rating of the fixed income portfolio held in respect of policyholders and shareholders remained stable at A-level as of September.

The corporate bond portfolio is well diversified, with over 1,700 issuers and an average holding size of US$43 million.

Nearly US$72 million of bonds, representing 0.04 percent of the total, were downgraded to below investment grade in the third quarter.

Source: The Standard

https://www.thestandard.com.hk/section- ... in-quarter

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Regional financial conference takeaways

Understanding recent expansion into new regions in mainland China and its implications for future VONB growth was a key focus for investors.

Despite an unprecedented four consecutive new regions approved by regulators within one month from late-Oct, share price has barely reacted.

This suggests much investor pessimism on the value of AIA’s China business, in our view, and ignores AIA’s resilience to China headwinds.

AIA HK’s domestic strength and MCV risks were also a focus for investors.

Reiterate Add and sector top pick. TP unchanged at HK$111.

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... E4F620AD2B

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<Research>BofAS Expects AIA's VNB to Climb 16% Last Yr, Keeps Buy w/ TP $92.2

BofA Securities has released a research report estimating AIA (01299.HK) to achieve a Value of New Business (VNB) of US$4.7 billion for FY24, reflecting a YoY growth of 16% at actual exchange rates (compared to the market's general expectation of 18% growth) and a YoY growth of 18% at constant exchange rates, implying a 3% YoY rise in 4QFY24.

BofA Securities saw this growth basically in line with market expectations and as a solid foundation for sustainable growth in FY25.

The broker kept a Buy rating on AIA and set its target price at $92.2 to reflect the company's vigorous profitability and new business growth.

AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

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<Research>HSBC Research Estimates AIA (01299.HK) 2024 VONB to Hike 17%; Sustainable Growth Underappreciated

AIA (01299.HK) and PRU (02378.HK) are both underperforming, despite good progress, HSBC Global Research issued a research report saying.

The broker believed that investors are keen to see sustainable VONB growth that translates into improvements in cash, earnings and DPS, given the macro risks.

HSBC Global Research kept ratings at Buy for both firms as their PEV and PE ratios are at multi-year lows, and believed that the sustainable growth of the two companies is underestimated.

Therefore, the broker kept its target price on AIA at $98, and chopped its target price for PRU to $116 from $121.

HSBC Global Research forecasted 2024 VONB of AIA/ PRU to increase by 17%/ 1% YoY to US$4.7 billion/ US$3.2 billion, with double-digit growth in VONB from Hong Kong, mainland China and other markets for AIA.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN