AIA Maintained At Buy By Jefferies With HK$114 Target Price

Jefferies kept AIA Group at Buy with a target price of HK$114, saying Thailand is one of the insurer's most important markets and a high-quality business, according to ETNet. The report said AIA Thailand accounted for 15% of group new business value and 12% of embedded value. As of June 2026, annualized new premium in Thailand rose 6% year on year. AIA held a 17% share of new premiums, 20% of annualized new premium, 26% of total premiums and 27% of weighted total premium income, underscoring its market leadership. Jefferies said the insurer's position was supported by its large agency network and strategic partnership with Bangkok Bank, as well as leading shares in critical illness, investment-linked and medical products. The report added that investors still pay relatively little attention to the Thailand business despite its strong performance and importance to the group. It said management further outlined the unit's strengths in the 2025 results, reinforcing a positive view of the undervalued asset. Jefferies also pointed to growth potential in China, Malaysia and Singapore, along with share buybacks and a stable dividend policy, as support for the stock.