友邦保险2024年报点评：均衡发展，回购小增

Investment Rating - The investment rating for AIA Group is maintained as "Buy" [8] Core Insights - In 2024, AIA Group reported a net profit attributable to shareholders of $6.836 billion, an increase of 84$6.605 billion, and the new business value (NBV) reached $4.712 billion, reflecting a year-on-year increase of 7$69.035 billion, up 4% from the beginning of the year. The final dividend was HK$1.31 per share, a 10$288.621 billion by the end of 2024, marking a 7.5% increase from the beginning of the year. The net and total investment yield for non-participating and surplus assets remained stable at 4.3% and 4.8% respectively, with net investment performance increasing by 133.4% year-on-year, primarily due to reduced financial expenses related to insurance contracts [4][6]. Liability Side - The NBV growth rate for 2024 was 18%, a decrease of 7 percentage points compared to the first half of 2024, but still indicating robust growth. The main driver was the new annualized premium income, which reached $8.606 billion, up 14$1.764 billion, benefiting from strong growth in local and visitor business [3]. Shareholder Returns - AIA Group announced a new share buyback program of $1.6 billion, slightly increasing its shareholder return strategy. The expected completion of this buyback is within 2025, and the total shareholder return, including dividends and buybacks, is estimated to yield a dividend yield of approximately 6$83.3, corresponding to a price-to-embedded value (PEV) of 1.5 times for 2025, maintaining the "Buy" rating [6][13].