"Big Banks" Citigroup: AIA's new business performance in mainland China in the third quarter is strong, target price 99 yuan, urging to buy

AASTOCKS
2025.11.14 07:15

Citigroup's research report indicates that in the third quarter, AIA Group (01299.HK) recorded a 100% year-on-year growth in new business value (VoBN) across nine new business regions in mainland China, four of which, including Anhui, Shandong, Chongqing, and Zhejiang, only commenced operations in April this year. Management attributes the rapid expansion in these regions to a sufficient reserve of agents, relatively affluent local populations, accumulated company experience, and contributions from bank channels.

In the Hong Kong market, new business value increased by 40% year-on-year in the third quarter. AIA's management explained that this was mainly due to significant contributions from both agents and bank channels, with the former's new business value growing by 20%. Additionally, regulatory authorities have mandated the implementation of commission sharing starting January 1 next year, which may incentivize brokerage channels to accelerate business sales in the fourth quarter of this year.

The bank currently sets a target price of HKD 99 for AIA and maintains a "Buy" rating

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