友邦保险：每股OPAT yoy+12%，新增16亿美元回购计划-20250316

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299) [2] Core Views - The company reported a year-on-year increase in OPAT of 12% per share, exceeding targets, and announced a new share buyback plan of $1.6 billion [5][6] - The company's NBV growth rate is in line with expectations, with a year-on-year increase of 18$4.712 billion [5] - The report highlights a robust performance in investment returns, with total investment assets increasing by 8.2% year-on-year to $255.3 billion [8] Financial Performance Summary - The company achieved a year-on-year increase in OPAT of 7$6.605 billion, with a significant rise in net profit attributable to shareholders of 81.6% to $6.836 billion [5][10] - The expected net profit for 2025-2027 is revised upwards to$7.774 billion, $8.434 billion, and$8.949 billion respectively [8] - The report indicates a total investment return of 4.8% for equity assets and 4.3% for fixed income assets, remaining stable year-on-year [8] Market Segment Analysis - In the Hong Kong market, NBV increased by 23% to $1.764 billion, with strong growth in agent and partner distribution channels [11] - In mainland China, NBV grew by 20$1.217 billion, supported by the establishment of four new branches [11] - Southeast Asia markets showed positive growth, with Thailand, Singapore, and Malaysia reporting year-on-year increases in NBV of 15%, 15%, and 10% respectively [11]