AIA Group (1299) H1 2026 earnings summary

Executive summary

• Delivered double-digit growth in key financial metrics for H1 2026, with VONB up 10% to US$3.2 billion, OPAT up 13% per share to US$4.2 billion, and UFSG per share up 10%, driving record operating ROE of 17.5%.

• Interim dividend per share increased by 10% to 53.90 HK cents, reflecting strong performance and confidence in future growth.

• Returned US$3.6 billion to shareholders via dividends and share buy-backs in H1 2026.

• Premier Agency remains the core growth driver, contributing 72% of group VONB, with significant investments in technology and AI enhancing productivity.

• All segments except Thailand delivered positive new business growth; Thailand faced a tough prior-year comparison.

Financial highlights

• VONB reached a record US$3,212 million, up 10% year-over-year, with underlying growth of 14% excluding Thailand.

• OPAT increased to US$4,163 million, up 13% per share, and UFSG rose 10% per share to US$3,935 million.

• Net profit surged 65% per share to US$4,294 million, reflecting strong investment and operating performance.

• Embedded Value (EV) Equity per share rose 7% to US$8.06, with operating ROEV at 18.0%.

• Net free surplus generation grew 12% per share, and VONB margin stood at 57.1%.

Outlook and guidance

• Expects to exceed OPAT per share CAGR target of 9–11% for 2023–2026, supported by structural demand drivers and competitive advantages.

• Focused on capturing Asia’s structural growth opportunities in life and health insurance, with disciplined execution and sustainable value creation.

• Technology and AI investments expected to further accelerate growth and productivity.