报告名称：AIA Group(01299.HK)Strong beat no underlying slowdown other than FX translation
报告类型：港股研究
报告日期：2015-10-16
研究机构：高华证券
股票名称：AIA
股票代码：01299
页数：6
简介：AIA reported 3QFY15 (August) value of new business (VONB) this morning. Group VONB was US$552mn, +18% on actual currency basis, vs. GSE/company-complied consensus of +15%/14%. It is 25% on constant currency, implying 7% negative translation impact, which is consistent with our forecast. The growth was both volume and margin driven. But the beat vs. GSE was mainly driven by higher margin. New business margin was 57.6% (+8.9p.p. yoy), vs. GSE 52.7%. AIA attributed the higher margin to continued efforts in product mix improvement, as well as stronger growth in regular premium vs. single in a more volatile market environment.
下载地址：AIA Group(01299.HK)Strong beat no underlying slowdown other than FX translation
