AIA Group (1299) Q1 2025 TU earnings summary

Executive summary

• Value of new business (VONB) rose 13% year-over-year to US$1,497 million for Q1 2025, with growth from both agency and partnership channels.

• Premier Agency delivered 21% VONB growth, accounting for over 75% of total VONB; active agent numbers increased 8%.

• Partnership distribution VONB grew 2%, with 21% growth in bancassurance outside Mainland China.

• Strong performances in Hong Kong (+16% VONB), Mainland China (8% VONB before assumption changes), Thailand, Singapore, Malaysia, and Other Markets.

Financial highlights

• Annualised new premiums (ANP) increased 7% year-over-year to US$2,617 million.

• VONB margin improved by 3.0 percentage points to 57.5%.

• New business contractual service margin (NB CSM) up 16% year-over-year.

• Total weighted premium income (TWPI) increased 14% to US$12,680 million.

• Shareholder capital ratio remained strong, comfortably above 200% as of 31 March 2025.

Outlook and guidance

• Despite market volatility and geopolitical tensions, structural growth drivers in Asia remain robust, supporting long-term business prospects.

• Strategic priorities focus on profitable new business growth, increased future earnings, and greater shareholder value.

• OPAT per share CAGR target of 9–11% from 2023 to 2026 reaffirmed.