AIA 3Q24: read-across to Pru (small positive) . Overnight, AIA published its 3Q24 trading update. . Annualised New Business Premiums grew 14% Y/Y in 3Q (actual FX). There is no VA consensus for 3Q discrete, but expectations for 2H24 are 12% growth, so we would see this as slightly ahead of expectations. . Value of New Business grew 17% (actual FX), in-line with the VA consensus expectation for growth in 2H24. While we would see this as in-line, it also implies a reduction in VONB margins vs. expectations. . As a reminder, Prudential publishes its 9M24 trading update late on Monday 4th UK time. We see AIA''s print as offering a small positive read-across to Pru. As at time of writing, AIA is up 60bps vs. the Hang Seng; Pru is up 40bps in HK. CITIC-Prudential Life (CPL) capital update: positive . Overnight, Prudential''s 50/50 JV with CITIC published its regulatory capital report for 3Q24. . At 2Q24, the unit has expected the comprehensive solvency ratio to deteriorate from 173% to 166% in the third quarter. However, the reported number for 3Q24 is 211%, with 215% expected in 4Q24. . For the Core Capital Ratio, the unit has expected deterioration from 87% to 83% in 3Q24. However, the reported number for 3Q24 is 113%, with 116% expected in 4Q24. . At this stage we are not aware of the specific drivers of the change. Management had previously indicated that they expected to inject capital into the entity to resolve capital weakness, but we have seen no press release to this effect. So we infer that other remediation measures have been taken (e.g. reinsurance). . Given our previous expectation that CPL''s capital position would get worse before it got better, the strong result is welcome.