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<Research> HSBC Research Maintains AIA (01299.HK) Hold, TP HKD85
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HSBC Research issued a report stating that AIA (01299.HK) recorded a 13% YoY increase in value of new business (VONB) in the first quarter at constant exchange rates, around 4 ppts above market expectations, mainly driven by strong growth in the Mainland China market. The groups annualized new premiums rose 16% YoY, while the VONB margin fell 1.8 ppts YoY to 56%. AIAs VONB in Mainland China grew 26% YoY, significantly exceeding the brokers forecast level for fiscal year 2026, with bancassurance channel growth outpacing the agency channel. Hong Kong VONB increased 21% YoY, with local business growth surpassing that from Mainland Chinese visitors to Hong Kong. Thailand VONB declined 18% YoY, with a marked compression in VONB margin. HSBC Research noted that AIA has initiated a strategic review to assess manpower, organizational structure and operational efficiency. Potential restructuring or mergers and acquisitions could become a new focus for investors. The broker maintained its Hold rating and TP of HKD85 on AIA. (ec/j) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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