---
title: "Morgan Stanley: Raises AIA Group's target price to HKD 107, with accelerating growth momentum likely to drive valuation re-rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/264358870.md"
description: "JP Morgan raised the target price for AIA Group from HKD 105 to HKD 107, maintaining an \"Overweight\" rating. The bank believes that with the recovery of life insurance demand in mainland China, the new business value in the first three quarters of 2025 will increase by 49% year-on-year, improving investor confidence in the industry's growth prospects. AIA China is expected to see a 27% year-on-year increase in new business value in the third quarter of 2025 under strengthened economic assumptions. The bank anticipates that market estimates for new business value growth from fiscal year 2025 to 2027 will be revised upward, serving as a catalyst"
datetime: "2025-11-05T06:41:13.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/264358870.md)
  - [en](https://longbridge.com/en/news/264358870.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/264358870.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/264358870.md) | [繁體中文](https://longbridge.com/zh-HK/news/264358870.md)


# Morgan Stanley: Raises AIA Group's target price to HKD 107, with accelerating growth momentum likely to drive valuation re-rating

According to Zhitong Finance APP, JP Morgan has released a research report stating that based on AIA Group's (01299) strong new business value performance in the third quarter of 2025, the bank is updating its estimates. It has slightly raised its target price from HKD 105 to HKD 107, maintaining an "Overweight" rating.

With a significant recovery in life insurance demand in mainland China—an average year-on-year growth of 49% in new business value for the first three quarters of 2025—the bank believes that investor confidence in the industry's growth prospects and quality is improving. Furthermore, even under strengthened economic assumptions, AIA China's new business value still achieved a strong year-on-year growth of 27% in the third quarter of 2025 (newly expanded regions contributed 11% to AIA China's new business value), supporting a stronger growth outlook for new business value in 2026 and beyond, especially considering further geographical expansion plans.

Morgan Stanley stated that AIA's current price is equivalent to 1.4 times the projected embedded value for the fiscal year 2026, and it has outperformed the market this year (up 43%, compared to a 31% increase in the Hang Seng Index). Given the current valuation (1.4 times the projected embedded value for the fiscal year 2026, compared to a historical average of 1.7 times), the bank expects that the market's upward revision of consensus estimates for new business value growth from fiscal years 2025 to 2027 will become a near-term catalyst

### 相关股票

- [AIA Group (AAGIY.US)](https://longbridge.com/zh-CN/quote/AAGIY.US.md)
- [AIA (01299.HK)](https://longbridge.com/zh-CN/quote/01299.HK.md)

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