The Zhitong Finance App learned that Morgan Stanley released a research report saying that AIA Insurance (01299)'s new business value in the first quarter is expected to rise 19% year over year and 23% when measured at a fixed exchange rate, mainly driven by strong growth in mainland China, Hong Kong and Thailand. Profit margins have bottomed out. I believe financial data is recovering, maintaining an “gain” rating, and the target price is HK$94.

The bank estimates that mainland China is the main factor affecting the value of new business. It is estimated that the value of new business in the mainland increased 26% year-on-year in the first quarter based on the actual exchange rate, mainly because January of last year was still affected by the epidemic, the comparative base is low, and customer demand is still strong in the first quarter of this year. The value of new business in Hong Kong, China is estimated to have risen 27% in the first quarter. The local market is growing steadily, and visitors from mainland China are increasing quarterly. The bank continues to monitor regulatory news, but believes the relevant impact is minor. Damo believes that AIA had stable performance in the first quarter of the ASEAN market. Among them, Thailand was a bright spot. India slowed slightly, but growth is still healthy.