HK Stock Market Move | AIA (01299) rises more than 3% in the morning, Citigroup expects the company's new business value to accelerate further growth in the third quarter.

AIA (01299) rose more than 3% in the morning, as of the time of writing, it was up 3.19% at 74.45 Hong Kong dollars, with a turnover of 1.084 billion Hong Kong dollars. Citigroup released a research report stating that it is expected that AIA's new business value in the third quarter will continue to accelerate, with an annual growth of 21% or 19% according to AER or CER calculations. The bank stated that AIA is benefiting from the redistribution of household wealth in the mainland, strong insurance demand in the low interest rate environment, attractive products in Hong Kong, and the spillover effect of the sales boom. It is also expected that Southeast Asia and other markets will continue to grow healthily, and it is believed that the growth in new business value mainly comes from the mainland and Hong Kong markets. Pacific Securities previously stated that the company's leading position in the Asian life insurance market is solid, with strong growth in the first half of the year in China, Hong Kong, and Thailand markets, improved profit margins in mainland China, and high growth in growth markets such as ASEAN and India.