AIA Group has released its 2025 annual financial report, which overall presents a performance where strengths outweigh the weaknesses.

On March 19, 2026, AIA Group published its annual financial statements, revealing a generally positive set of results despite some minor shortcomings.

The strengths are reflected in significant growth across several key metrics: Total weighted premium income reached $46.9 billion, a 12% year-on-year increase at constant exchange rates. Annualised new premiums climbed to $9.484 billion, up 9% at constant exchange rates. New business value amounted to $5.516 billion, increasing 15% at constant exchange rates. Post-tax operating profit hit a record high of $7.136 billion, rising 7% at constant exchange rates. Multiple segments demonstrated excellent performance, achieving robust growth in core indicators such as new business value, premium income, and operating profit, each showcasing distinct developmental highlights.

The weaknesses were seen in a slight decline in net investment results and net profit: The full-year net profit was $6.234 billion, down 9% year-on-year, primarily due to the accounting treatment of exchange rate movements. Net investment performance after expenses was $3.133 billion, a 5% decrease at constant exchange rates, mainly affected by reduced investment returns on surplus assets due to share buybacks and declining interest rates domestically and internationally. Furthermore, the expense ratios in Other Markets (comprising 11 markets including Australia, Cambodia, India, and Indonesia) were significantly higher than those in Mainland China, Hong Kong, Thailand, Singapore, and Malaysia, while the operating profit margins were lower, indicating a gap in operational cost control and profitability compared to the core markets.

Benefiting from the overall positive performance in 2025, the Group continued its sustainable dividend policy. The total dividend per share for the 2025 financial year reached 193.08 HK cents, a 10% increase year-on-year, with a final dividend of 144.08 HK cents per share, also up 10%. Additionally, a new $1.7 billion share buyback program was approved. The company's stock price rose 3.93% by the close on March 20.

Concurrently with the annual report release, AIA also announced that, in response to the increasing strategic importance of technology in the Group's business operations, the Board approved the establishment of a Technology, Operations, and Data Committee, effective April 1, 2026. This committee is specifically tasked with supporting the Board in providing more focused and efficient oversight of the strategy, governance, and execution related to the Group's technology, operations, and data domains.

The Group's operating profit increased by 7%. CEO Lee Yuan Siong received a 7.6% salary increase.

In the 2025 financial year, AIA's operations remained stable, with core value, profitability, premiums, assets, and capital indicators all achieving steady growth, continuously enhancing operational quality and value creation capabilities. However, it is also notable that the company's net investment results and net profit slightly declined last year.

In 2025, AIA's total weighted premium income reached $46.9 billion, a 12% increase at constant exchange rates and a 13% increase at actual exchange rates. Segments including Mainland China & Hong Kong, Thailand, and Malaysia all achieved premium income growth. Annualised new premiums climbed to $9.484 billion, up 9% at constant exchange rates and 10% at actual exchange rates.

The sustained growth in new premiums laid the foundation for a record high in new business value. Last year, AIA's new business value reached $5.516 billion, a 15% increase at constant exchange rates. Of this, 91% of the new business value came from protection-oriented and fee-based insurance products with low or no guarantees, indicating further improvement in business quality. Concurrently, the new business value margin rose to 58.5%, an increase of 3.6 percentage points compared to the same period in 2024, primarily driven by positive shifts in product mix in Thailand and Hong Kong, as well as repricing of products in Mainland China.

The agency and partner distribution channels remained the main engines for the Group's new business value growth. In 2025, the agency channel contributed $4.273 billion in new business value, a 13% increase at constant exchange rates, accounting for 73% of the Group's total new business value. The channel's new business value margin increased to 71.5%, up 3.4 percentage points year-on-year. Annualised new premiums from the agency channel reached $5.973 billion, an 8% increase at constant exchange rates. Furthermore, the Group's agency force saw simultaneous improvements in productivity and professionalism, with over 96,000 active agents. The number of new agent recruits increased by 8% year-on-year, and AIA maintained its position for the 11th consecutive year as having the highest number of MDRT members globally.

Leveraging long-term partnerships with leading regional banks, the partner distribution channel effectively reached over 100 million potential customers across Asia, with the value of its distribution network continuing to be realized. In 2025, the partner distribution channel contributed $1.593 billion in new business value, a 22% increase at constant exchange rates, with 12 markets recording double-digit growth. Bancassurance channel growth was 20%, and the intermediary partner channel grew by 31%. The channel's new business value margin reached 45.4%, an increase of 3.5 percentage points year-on-year. Annualised new premiums reached $3.511 billion, a 13% increase at constant exchange rates.

Performance in profitability was also strong. Post-tax operating profit reached a record high of $7.136 billion, increasing 7% at constant exchange rates and 8% at actual exchange rates. Post-tax operating profit per share increased by 12%. The full-year net profit was $6.234 billion, down 9% year-on-year, mainly due to the accounting treatment of exchange rate movements.

Insurance service performance, as the core pillar of operating profit, reached $6.772 billion in 2025, an 18% increase at constant exchange rates and a 19% increase at actual exchange rates, accounting for 80% of the Group's pre-tax operating profit. This was primarily attributable to increased release of the contractual service margin and improved claims experience resulting from the integrated healthcare strategy.

The investment business, as the second pillar of operating profit, reported net investment performance after expenses of $3.133 billion for AIA in 2025, a 5% decrease at constant exchange rates. This was mainly impacted by reduced investment returns on surplus assets due to share buybacks and declining domestic and international interest rates. After adjusting for these factors, this indicator showed a 4% year-on-year increase, indicating that the overall earning capability of the investment portfolio remained robust.

As of December 31, 2025, AIA's total assets increased to $345.423 billion, up 13% from $305.454 billion at the end of 2024. Shareholders' equity allocated reached $47.493 billion, a 7% increase at actual exchange rates.

Alongside the positive business performance, it was noted that the total compensation for AIA Group Chief Executive Officer and President Lee Yuan Siong also increased. In 2025, Lee Yuan Siong received total remuneration of $14.7711 million, a year-on-year increase of 7.57%, a growth rate nearly matching the increase in post-tax operating profit.

Regional segments each demonstrated strengths, collectively driving Group development.

In 2025, AIA's segment performance showed a pattern of core markets leading the way, with emerging markets blooming in multiple areas. Most markets achieved steady growth in core indicators such as new business value, premium income, and operating profit. The agency and partner distribution channels worked synergistically, with business quality and profit efficiency improving simultaneously. Each segment displayed unique highlights and clear growth logic.

The Hong Kong segment was the largest contributor to the Group's new business value, achieving rapid growth in 2025. Total weighted premium income reached $14.726 billion, an 18% year-on-year increase at constant exchange rates. Annualised new premiums were $3.283 billion, a significant 26% increase at constant exchange rates from $2.609 billion in 2024. New business value surged to $2.256 billion, a sharp 28% increase year-on-year. The new business value margin rose from 65.5% to 68.5%, an increase of 3.0 percentage points. Insurance service performance was $2.172 billion, up 24.3% year-on-year. Post-tax operating profit was $2.770 billion, an increase of 10.7%. The customer base was balanced and diverse, with new business value from local customers growing 21%, and from Mainland visitor customers growing 35%. Existing local customers contributed over 60% of new business value. The agency channel performed strongly, with new business value growth of 26%, a 9% increase in active agents, a 14% rise in productivity per agent, a 12% increase in new agent recruits, and a 25% increase in active new recruits. New business value from the partner distribution channel skyrocketed by 46%, with bancassurance growing 41% and the independent financial advisor and broker channel growing 49%, supported by product mix shifts, refined customer segmentation, and more tailored products.

The Mainland China segment showed a steady recovery in 2025, with growth accelerating in the second half, and core indicators were stable with an upward trend. Total weighted premium income reached $11.272 billion, a 14% year-on-year increase at constant exchange rates. Annualised new premiums were $2.152 billion, slightly decreasing by $16 million year-on-year. New business value recorded $1.240 billion, a 2% increase at constant exchange rates. The new business value margin improved from 56.1% to 57.6%, an increase of 1.4 percentage points. Insurance service performance reached $1.904 billion, up 5.6% year-on-year. Post-tax operating profit was $1.708 billion, increasing 8% at constant exchange rates and 7% at actual exchange rates. Regarding distribution channels, the agency channel contributed 85% of new business value. The number of new agent recruits increased by 14% year-on-year, the total number of active agents grew by 8%, and active new recruits saw a 20% increase. Bancassurance partner distribution contributed 15% of new business value, with average policy premium achieving double-digit growth. Geographical expansion showed significant results, with new business value in 9 newly expanded regions surging 45% year-on-year to $118 million, accounting for over 9% of the Mainland's new business value. The new business value of associate company China Post Life Insurance reached RMB 10.3 billion, a 5% year-on-year increase, and its scale was 5.5 times that of 2020, forming an efficient complement to the Mainland's core business.

The Thailand segment, leveraging its leading position and ultra-high margins, achieved a dual leap in value and profit. Total weighted premium income reached $5.336 billion, a 7% year-on-year increase at constant exchange rates. Annualised new premiums were $895 million, a 2% increase at constant exchange rates. New business value was $993 million, increasing 13% at constant exchange rates and 22% at actual exchange rates. The new business value margin rose sharply from 99.5% to 110.9%, an increase of 11.4 percentage points, the highest level in the entire Group. Insurance service performance was $1.013 billion, up 20.9% year-on-year. Post-tax operating profit was $1.210 billion, an 11% increase at constant exchange rates. New business value from the agency channel grew 14%, the active agent force expanded steadily, and financial advisors contributed over 40% of the agency channel's new business value, with productivity per advisor being three times that of standard agents. New business value from the partner distribution channel grew 11%, driven by the bancassurance partnership with Bangkok Bank, which led to double-digit growth in active insurance sales staff and an increase in average policy premium. Notably, this segment holds a market share exceeding 50% in medical critical illness riders and unit-linked products.

The Singapore, Malaysia, and Other Markets (11 markets including Australia, Cambodia, India, Indonesia) segments also achieved simultaneous growth in scale and value. It is worth noting that the expense ratios in Other Markets were significantly higher than those in Mainland China, Hong Kong, Thailand, Singapore, and Malaysia, and the operating profit margins were lower. Moreover, operating expenses were also significantly higher, reflecting a certain gap in operational cost control and profitability compared to the core markets.

Establishment of Technology, Operations, and Data Committee; AI empowers core channels.

In the face of the artificial intelligence wave, AIA is set to increase its investments further.

Concurrently with the annual report release, AIA also issued another announcement regarding "Board Committee Composition Changes and Establishment of Technology, Operations and Data Committee." In response to the rising strategic importance of technology in the Group's business operations, the Board approved the establishment of a Technology, Operations, and Data Committee, effective April 1, 2026. This committee is specifically designed to support the Board in providing more focused and efficient oversight of the strategy, governance, and execution within the Group's technology, operations, and data areas. Its core responsibilities include supervising the implementation of relevant strategies, execution effectiveness, and alignment with the Group's overall strategy.

As early as 2020, AIA fundamentally transformed the Group's operating model, enhancing operational efficiency and service quality through improved technology, digital, and analytics initiatives. In 2025, benefiting from a high degree of automation, AIA Group further reduced unit costs by 10%. Throughout the year, 95% of business transactions were submitted digitally, and 93% of service applications were completed within one working day. Automation rates for underwriting and claims reached 83% and 75% respectively, indicating continuous improvement in operational efficiency. The flagship customer application AIA+ covered 10 markets with over 23 million users, boasting a 30% monthly active usage rate, with digital tools comprehensively empowering agency and customer service.

At the 2025 results presentation, the Group's management provided a comprehensive explanation regarding the strategic positioning of artificial intelligence, the Group's deployment, market implementation, application results, and future trends, clearly outlining AI's core value and implementation path for the business.

AIA's core positioning for artificial intelligence is to empower and upgrade the core agency channel. Executive Director, Group Chief Executive Officer and President Lee Yuan Siong emphasized that the insurance business operates in a highly regulated environment where trust and responsibility are central to service. Technology alone cannot replicate the personalized, trustworthy advice provided by professional agents. The core role of AI is to amplify the service capability and professional value of agents, while simultaneously enhancing overall operational efficiency, distribution productivity, and customer experience. It is an important booster for business growth, not a replacement.

At the Group level, AIA has established solid resources and systematic support for AI applications. Over the long term, the Group has cumulatively invested over 8 billion Thai Baht in the technology field. Leveraging a strong technological foundation, a large-scale structured data pool, proprietary industry data and knowledge reserves, coupled with sufficient financial strength, AIA collaborates with top global technology providers to advance AI research and development. In 2024, AIA specifically established a Group Innovation Office to implement AI application prototypes in regional markets in a standardized, systematic manner, and to industrialize and promote best practices from various markets across the entire Group, forming a replicable, scalable AI implementation mechanism.

The China market is a core scenario for the deep implementation of AI at AIA, with AI comprehensively penetrating two key areas of the high-end agency channel: the sales journey and leadership development. In the sales process, AI covers basic scenarios such as agent training, recruitment, and intelligent role-playing, accurately pushing customer leads and helping agents nurture customer demand from cold start to high intent. Simultaneously, relying on the agent data platform and customer data platform, AI customizes personalized growth plans for agents benchmarked against MDRT elites, as well as exclusive service, upselling, and cross-selling plans for clients. In the leadership development area, AI provides team managers with development plans benchmarked against successful leaders, delivers predictive insights based on behavioral data, and customizes personalized improvement plans for team members, becoming a core driver for upgrading the capabilities of the agency team.

The practical application of AI has already yielded quantifiable results in AIA China. Regional CEO Zhang Xiaoyu stated that in 2025, the success rate of new agents at AIA China increased by 20%, and the number of new leaders grew by 40%, both directly benefiting from the comprehensive empowerment of AI. Meanwhile, AIA continues to iterate its AI capabilities, pushing AI to transform from a passively responsive tool system into an intelligent advisor capable of providing timely, proactive, personalized, and predictive support. In the future, it will continue to revolutionize the working model of the agency channel, significantly enhancing the value of the agency channel and customer value.

Facing industry changes brought by new-generation AI technologies like large language models, AIA maintains a rational and pragmatic judgment. The Group acknowledges that large models might prompt younger generations to focus more on the personalization and price comparison of insurance products. However, internal customer research indicates that 85% of surveyed customers still prefer advice from professional consultants, with only 2% willing to accept a purely digital AI service model. Based on these customer demand characteristics, Lee Yuan Siong emphasized that investments in the field of artificial intelligence will enhance and strengthen the Group's core channels.