AIA(01299) 光大证券·2024-11-02 02:07Investment Rating - The investment rating for AIA Group Limited is "Buy" (maintained) [1] Core Views - AIA Group Limited achieved a new business value of USD 3.62 billion in the first three quarters of 2024, representing a year-on-year increase of 22% (fixed exchange rate) [1] - The annualized new premium reached USD 6.76 billion, up 14.1% year-on-year, with all segments showing positive growth in new business value in Q3 [1][2] - The company continues to expand its market presence in mainland China, with new business value growth of 9% in Q3, driven by an increase in active agents and productivity [1][2] Summary by Sections New Business Performance - New business value for the first three quarters of 2024 was USD 3.62 billion, up 22% year-on-year (fixed exchange rate) [1] - Q3 new business value increased by 16.8% year-on-year, with a new business value margin of 53.3%, up 2.4 percentage points [1][2] - Annualized new premiums for Q3 were USD 6.76 billion, reflecting a 14.1% increase year-on-year [1] Market Segmentation - In mainland China, new business value grew by 9% in Q3, with both agency and bancassurance channels contributing to growth [1] - In Hong Kong, new business value increased by 24% in Q3, supported by local and MCV business growth [1] - ASEAN markets saw an 8% increase in new business value, with double-digit growth recorded in Singapore and Malaysia [1] Financial Projections - The company maintains its net profit forecasts for 2024-2026 at USD 4.8 billion, USD 5.6 billion, and USD 6.3 billion respectively [2] - The current stock price corresponds to a PEV of 1.27, 1.19, and 1.11 for 2024-2026 [2]