Bank of America Securities' research report stated that it is expected that AIA (01299.HK) will increase its Group New Business Value (VNB) by 14% year-on-year in the third quarter of this year when calculated at the actual exchange rate; if calculated at a fixed exchange rate, it will increase by 13% year-on-year, mainly affected by the depreciation of the US dollar.

The bank expects that AIA will achieve year-on-year growth in all major markets in the third quarter of this year, reflecting the company's resilience and balanced growth.

Regarding the China market, Bank of America Securities believes that dividend products will be the focus of the fiscal year 2025, and expects that with the drive of improving VNB profit margin, the market will achieve a growth of 10% to 15% in the third quarter; As for the Hong Kong market, the bank expects an overall 14% year-on-year growth rate in VNB in the third quarter of this year, anticipating that local business growth will surpass Mainland China Visitors (MCV) business growth, with MCV business expected to grow by 10% year-on-year; In Thailand, Singapore, and Malaysia markets, the bank forecasts that strong sales trends in Singapore's savings products will continue; The bank also anticipates that the VNB growth rate in other markets will exceed 25%.

Considering the above factors, Bank of America Securities has set AIA's target price at 92.2 yuan and maintains a 'buy' rating. (js/w)

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