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<Research>Citi: AIA (01299.HK) 1Q VONB Growth Beats Despite CN Headwind
Recommend 16 Positive 26 Negative 8 |
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AIA (01299.HK) announced higher-than-expected VONB for 1Q25, with business volume growth and margin expansion, and revealed further details of its bond and China portfolio, Citi Research issued a research report saying. Despite headwinds from assumption changes in China business, AIA delivered 13% YoY VONB growth (on AER/ CER basis) in 1Q25, ahead of Citi Research's estimation of 7% YoY growth (on CER basis). This growth was driven by a 7% YoY increase in annualized new premium and a 3.3 ppts YoY expansion in VONB margin (on AER basis). Citi Research was impressed by AIA's consistent & stable results and its resilience in the face of changing industry conditions and macro-environment. The 2025 valuation of only 1x P/EV makes the stock reasonably attractive to the broker. Therefore, Citi Research reiterated rating at Buy, with a target price of $99. AAStocks Financial News |
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