Tapping the masses
■ We see AIA’s stake in China Post Life as its way of tapping mass-market
customers, and enable it to distribute bancassurance products nationwide.
■ This gives it access to Postal Bank of China’s 622m customers with retail
deposits of Rmb9.1tr, where China Post Life’s penetration rate is only 1%.
■ AIA sees four main areas of value upside going forward.
■ Reiterate Add; our TP is unchanged at HK$127.