AIA Group (1299) H2 2025 earnings summary

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 to $7.1 billion, 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, despite a challenging macroeconomic and geopolitical environment.

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

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 rose 12% per share to $7,136 million; underlying free surplus generation up 11% per share to $6,765 million.

• EV equity increased 14% per share to $79,678 million after $4.7 billion in shareholder returns.

• Comprehensive equity up 15% per share to $97.9 billion; net profit was $6,234 million, down 9% year-over-year due to non-operating items.

• Total dividend per share increased by 10% to 193.08 HK cents.

Outlook and guidance

• Confident in meeting or exceeding OPAT per share CAGR target of 9–11% from 2023 to 2026, supported by strong business momentum and a diversified pan-Asian platform.

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

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