The bank expects AIA's new business value in the third quarter to reach $1.136 billion, increasing by 13% at fixed exchange rates and by 14% year-on-year at actual exchange rates.
According to the report from Goldman Sachs, AIA's net profit forecast for the fiscal year 2024 has been raised by 14%, reflecting the strong performance of the Hong Kong and mainland stock markets. It reiterates a "buy" rating and maintains a target price of HK$93.
The bank expects AIA's new business value in the third quarter to reach $1.136 billion, increasing by 13% at fixed exchange rates and by 14% year-on-year at actual exchange rates. The bank believes that the growth is mainly driven by a combination of profit expansion and sales growth, and expects positive year-on-year growth in all major markets. Compared to the second quarter, this shows sustained growth momentum, with new business value remaining flat on a quarterly basis. The slowdown in year-on-year growth (18% at fixed exchange rates in the second quarter of this year) mainly reflects the high base effect in Singapore and mainland China, partially offset by the faster growth in China Hong Kong.
