HONG KONG – Shares of Asian insurer AIA Group Ltd (HKG:1299) traded higher on the Hong Kong stock exchange on Friday after Deutsche Bank raised its target price for the stock to HK$56.5 from HK$52.3.
AIA Group Ltd (HKG:1299)’s stock was up 3.36 percent to trade at HKD46.20 at the close on Friday, with an intraday high of HKD47.20, which was the highest in a month.
On Friday, Deutsche Bank raised its target price for AIA on the back of a higher value of new business (VNB) for Q3.
The AIA Group Ltd announced that its VNB on constant exchange rates for Q3 rose 25 percent year-on-year to US$552 million.
VNB margin rose 8.4 percentage points year-on-year to 57.6 percent while annualized new premiums amounted to US$936 million, up 7 percent from a year earlier.
Aside from raising its price target for AIA, Deutsche Bank also maintained its Buy rating as it sees an excellent set of result, “which should alleviate market concerns on the impact of Asian economic uncertainties on AIA’s underlying operations.
AIA Group Limited (HKG:1299), an investment holding company, is engaged in provision of products and services to individuals and businesses for their insurance, protection, savings, investment and retirement needs.
The Company operates life insurance business, providing life insurance, accident and health insurance and savings plans throughout Asia, and distributing related investment and other financial services products to its customers.
AIA Group Limited (HKG:1299)’s stock has a 52-week high of HK$57.67 and low of HK$38.85. It listed on the Hong Kong stock exchange on 29 October 2010 with a listing price of HK$19.68. – BusinessNewsAsia.com