AIA Group announced its annual results for the period ending December 31, 2025, with all growth rates presented on a constant exchange rate basis. New business value increased by 15% to USD 5.516 billion. Operating profit after tax reached USD 7.136 billion, representing a 12% rise per share. The return on equity allocated to shareholders reached 15.5%, an improvement of 70 basis points. The final dividend was raised by 10% to 144.08 Hong Kong cents per share.
The group focused on high-quality, sustainable new business growth, driving a 15% increase in new business value to a record USD 5.516 billion in 2025. Protection and fee-based insurance products, which carry no or low investment return guarantees, contributed 91% of the new business value. This strong growth was supported by double-digit increases in most of the group's markets.
In 2025, the group's exclusive agency channel achieved a 13% rise in new business value, driven by an expanded active agent force, improved agent productivity, and an attractive, capital-efficient product portfolio. Partner distribution recorded a 22% growth in new business value, with both bancassurance and intermediary partner channels delivering strong double-digit increases.
Annualized new premiums grew by 9% to USD 9.484 billion. The new business value margin rose to 58.5%, up 3.6 percentage points from 2024, supported by favorable shifts in product mix in Thailand and Hong Kong, as well as repricing of products in Mainland China. The new business value margin in Mainland China remained relatively stable compared to 2024, as the impact of repricing was partly offset by a shift toward participating products.
Lee Yuan Siong, Chief Executive and President of AIA Group, stated, "AIA delivered record performance in 2025, with double-digit growth across key financial metrics including new business value, profitability, and cash flow generation. The broad-based growth drove a 15% increase in new business value, clearly demonstrating the strength and diversification of our business. Embedded value equity per share, after dividends and share buybacks, rose significantly by 14% to USD 79.7 billion."
"We continue to execute our growth strategy, driving increases in both embedded value operating return and return on equity allocated to shareholders, which improved to 15.8% and 15.5%, respectively. Benefiting from the compounding effect of high-quality new business, operating profit after tax per share increased by 12%, while underlying free surplus generated per share rose by 11%. Free surplus generated after new business investment increased by 14% per share to USD 4.451 billion, reflecting growth in underlying free surplus generation and a positive shift toward less capital-intensive products."
"In line with the group’s prudent, sustainable, and progressive dividend policy, the board has recommended a 10% increase in the final dividend to 144.08 Hong Kong cents per share, bringing the total dividend for the year to 193.08 Hong Kong cents per share, a 10% increase over 2024. Under our capital management policy, the board has approved a new USD 1.7 billion share buyback program. This includes USD 700 million aligned with the target payout ratio of 75% of annual free surplus generated after new business investment, plus an additional USD 1 billion following a periodic review of the group’s capital position."
"Despite ongoing geopolitical and macroeconomic uncertainties, Asia continues to offer the most attractive growth opportunities for the life and health insurance industry, supported by strong structural drivers that sustain customer demand for protection and long-term savings. With our broad and deep presence across the region and our relentless focus on strategic priorities to further enhance our competitive advantages, AIA is uniquely positioned to capture the abundant opportunities available."
"AIA’s strategy has continually evolved in line with customer needs, technological advancements, and market opportunities, enabling us to maintain performance across market cycles. Our outstanding results in 2025 are a testament to its effectiveness. We enter 2026 with strong business momentum, and I am confident in AIA’s ability to continue creating long-term value for shareholders."