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<Research>Nomura Foresees AIA's Strong VONB Growth Intact; 1Q Growth 20% YoY on AER
Recommend 28 Positive 64 Negative 35 |
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Nomura, in its report, forecast AIA (01299.HK)'s 1Q24F Value of New Business (VONB) to be US$1.255 billion, representing growth of 20% at actual exchange rate (AER) and 23% at constant exchange rate (CER), with largely stable VONB margin and annualized new premium (ANP) up 19% YoY. The broker estimated that AIA Hong Kong's VONB will rise 30% YoY, in line with the growth in Mainland Chinese Visitors (MCVs) , and expected VONB in Hong Kong to grow by 16% for 2024 as a whole and by 12% in 2025. The recent investigations by the Insurance Authority (IA) and the Independent Commission Against Corruption (ICAC) into sales malpractice will have a manageable impact on AIA's Hong Kong business, Nomura opined. The broker expected VONB for AIA Mainland China to increase by 24% YoY in 1Q24F, in line with management guidance. The business in Southeast Asia is growing steadily, with VONB up 12% YoY, while other markets are up 4%. The broker maintained its Buy rating with a target price of $90.88. AAStocks Financial News |
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