Daiwa Capital Markets: Raises AIA Group's target price to HKD 95, maintains "Buy" rating

Daiwa Capital Markets released a research report stating that, in real exchange rate terms, AIA Group's new business value is expected to grow by 27% in the third quarter of 2025, significantly higher than the market expectation of 17%, mainly benefiting from strong performance in the mainland China and Hong Kong markets. Due to favorable changes in the product mix, the annualized new premium growth rate accelerated to 15%, and the new business value profit margin also increased by 6 percentage points to 58.2%. The firm maintains a "Buy" rating on AIA, raising the target price from the previous HKD 91 to HKD 95. Given that the new business value significantly exceeded expectations, the firm anticipates a positive trend in the stock price