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<Research>Jefferies: AIA (01299.HK) 1Q24 VONB Beats, w/ Addition to Buyback
Recommend 13 Positive 40 Negative 15 |
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Jefferies highlighted in a report that AIA (01299.HK) achieved a 27% rise in its Value of New Business (VONB) for 1Q24 on actual exchange rate terms, ahead of the 18% and 19% forecasted by Jefferies and market consensus respectively. On constant exchange rate terms, the group's VONB growth even reached 31%, with margins expanding from 52.3% in 1Q23 to 54.2% in 1Q24. Jefferies noted that AIA surprised the market by adding US$2 billion to its existing buyback. Management also announced a target payout ratio of 75% for the year. The broker gave AIA a target price of $96 and a Buy rating. AAStocks Financial News |
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