AIA-R (81299) Posts Record 2025: VONB Up 15%, OPAT Per Share Up 12%, Announces US$1.70 Billion Buy-Back

Bulletin Express
03/19

AIA Group Limited (AIA-R, 81299) reported record results for 2025, citing broad-based growth across Asia and confirmed plans for a US$1.70 billion share buy-back.

Double-Digit Growth Metrics • Value of new business rose 15.00 % year-on-year to US$5.52 billion, with Hong Kong contributing US$2.26 billion (+28.00 %) and Mainland China US$1.24 billion (+2.00 %). • Operating profit after tax reached US$7.14 billion; OPAT per share advanced 12.00 % to 67.65 US cents. • Underlying free surplus generation climbed 11.00 % per share to US$6.77 billion, supporting net free surplus generation of US$4.45 billion (+14.00 % per share).

Capital Strength and Cash Returns • Shareholder capital ratio stood at 221.00 % at 31 December 2025. • Embedded-value equity grew 14.00 % per share to US$79.68 billion. • Final dividend proposed at 144.08 Hong Kong cents per share, lifting total 2025 payout to 193.08 cents (+10.00 %). • New buy-back of US$1.70 billion comprises US$0.70 billion to meet the 75.00 % net free surplus payout target and an additional US$1.00 billion following capital review.

Segment Highlights • Thailand VONB: US$993.00 million (+13.00 %). • Singapore VONB: US$530.00 million (+14.00 %). • Malaysia VONB: US$373.00 million (flat). • Other Markets VONB: US$485.00 million (+7.00 %).

Key Ratios • Operating ROE: 15.50 % (+0.70 pp). • Operating ROEV: 15.80 % (+0.90 pp). • VONB margin expanded 3.60 pp to 58.50 %.

Outlook Statement Management reaffirmed confidence in achieving or exceeding the 9-11 % OPAT per share CAGR target for 2023-2026, citing continued structural demand for protection and long-term savings across Asia.

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