Citi: AIA 1Q New Business Value +17% YoY Beats; TP HKD103
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Citi's research report highlights AIA's 1Q new business value, which increased by 17% YoY to USD1.757 billion, surpassing market expectations. Excluding Thailand, growth would have been 22% at constant exchange rates. The rise was driven by a 20% increase in annualized new premiums, although the new business value margin fell to 56%. Hong Kong and Mainland China showed strong performance with increases of 21% and 26%, respectively. AIA also initiated a USD1.7 billion share buyback program. Citi maintains a Buy rating with a target price of HKD103.
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