Bank of America Securities: Downgraded FWD Group (01299.HK) target price to 90 Hong Kong dollars, rating it as "buy"

According to the Wise Finance APP, Bank of America Securities released a research report stating that AIA Group Insurance (01299.HK) saw a 24% year-on-year decrease in net profit in the first half of the year to $2.5 billion USD. Calculated at a fixed exchange rate, the group's new business value increased by 14% year-on-year to $2.8 billion USD, slightly lower than the bank's expectations. The new business value profit margin increased from 53.9% in the first half of last year to 57.7%. After repurchasing approximately $1.9 billion USD in the first half of the year, AIA Group Insurance's embedded value increased by 4% year-on-year to $70.9 billion USD. The bank stated that the company's profit forecast for 2025 to 2027 was reduced by 8% to 11% to reflect an increase in forecasted net financial expenses of insurance contracts, and its target price was lowered from HKD 92.2 to HKD 90, with a "buy" rating.