UBS published a research report stating that AIA (01299.HK) 0.000 (0.000%) Short selling $452.40M; Ratio 28.631% recorded 1Q26 new business value (NBV) growth of 13% YoY at constant exchange rates to USD1.757 billion, above the market expectation of 9% and broadly in line with the brokers forecast of 12%, mainly driven by Mainland China and Hong Kong markets. Excluding Thailand, group NBV rose 22% YoY. Annualized new premiums increased 16% YoY, while NBV margin fell 1.8 ppts YoY to 56%, primarily due to changes in product mix in China and Thailand.Hong Kong NBV grew 21% YoY, benefiting from the successful launch of new products in 2H25. The independent financial adviser and broker channels continued to deliver strong growth despite regulatory changes. Mainland China NBV rose 26% YoY, with protection-type products still recording 17% YoY growth in NBV. Thailand NBV declined 18% YoY, in line with management guidance, with NBV margin easing to a more normal level of above 90%.Related News Jefferies: AIA (01299.HK) Growth Momentum Likely to Exceed Market Consensus, Rates Buy with TP HKD97AIA has launched a USD1.7 billion share buyback program. As of April 29, it had repurchased 57 million shares for a total consideration of approximately USD614 million. UBS expects the buyback to be completed by late June and forecasts a shareholder total payout yield of about 4% for 2026. The broker maintained its Buy rating on AIA based on a sum-of-the-parts valuation, with a TP of HKD104. (ec/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-04 16:25.)
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