AIA Group (1299) investor relations material

Executive summary

• Achieved record results in 2025 with double-digit growth in new business, earnings, and cash generation, including VONB up 15% to $5.5 billion, OPAT up 12% per share, and EV equity up 14% per share to $79.7 billion.

• Returned $4.3 billion to shareholders through dividends and share buy-backs, with a 10% increase in total dividend per share and a $1.7 billion share buyback.

• Strong performance driven by proprietary agency, diversified distribution, and broad-based growth across 18 markets.

• Maintained a strong capital position with a shareholder capital ratio of 221% at year-end.

• Achieved these results despite a challenging macroeconomic and geopolitical environment.

Financial highlights

• VONB grew 15% year-over-year to $5,516 million, with a margin increase of 3.6 percentage points to 58.5%.

• OPAT reached $7,136 million, up 12% per share; CSM release increased 10% to $6.2 billion.

• Comprehensive equity up 15% per share to $97.9 billion; EV equity at $79.7 billion (+14% per share).

• Net free surplus generation rose 14% per share; underlying free surplus generation up 11% per share to $6,765 million.

• Net profit was $6,234 million, down 9% year-over-year due to non-operating items.

Outlook and guidance

• Confident in meeting or exceeding OPAT per share CAGR target of 9–11% from 2023 to 2026.

• Asia remains a compelling long-term growth opportunity for life and health insurance, with structural tailwinds and low insurance penetration.

• Large in-force business expected to generate substantial recurring cash and distributable earnings.

• Expect VONB from new geographies in China to grow 40% per annum over the next five years.

• Entered 2026 with strong business momentum and focus on sustained shareholder value.