Countdown in China
■ We are optimistic on AIA’s expansion into Hubei as it ranks high in terms of
total premiums and GDP per capita among regions that AIA has yet to enter.
■ There now remains 10 other new regions in China that we believe AIA is
targeting entry into between 2020 and 2030F.
■ AIA China looks roughly on track to meet its two-new-regions-a-year target,
given the c.8-month gap from its previous announcement on Sichuan.
■ Reiterate Add rating; TP unchanged at HK$127.