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<Research>Citi: AIA (01299.HK) VONB Growth Slightly Below Forecast, Buyback Beats
Recommend 7 Positive 11 Negative 5 |
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AIA (01299.HK)'s 2025 results were largely in line with expectations, with the share buyback being a positive surprise, Citi Research issued a research report saying. Its 2025 VONB grew by 17%/ 15% to US$5.516 billion on actual exchange rate (AER)/ constant exchange rate (CER) basis, slightly below market consensus of an 18% growth on AER basis, mainly driven by a 10% incline in annualized new premiums and a 3.4 ppts increase in profit margin. Apart from a total dividends of US$2.6 billion, the Company announced a new share buyback of US$1.7 billion, significantly higher than the broker's forecast of US$1.3 billion. Operating profit per share for 2025/ 2H25 hiked by 13%/ 10% YoY each, slightly above the market's expected growth of 12% for 2025. Final DPS was raised by 10% to $1.44, and the total DPS for 2025 was increased by 10% to $1.93, slightly ahead of the market's expected incline of 9%. Therefore, Citi Research rated AIA at Buy, with a target price of $103. AASTOCKS Financial News Website: www.aastocks.com |
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