The largest pan-Asian life and health insurer, AIA Group, has reported record results in 2025 with double-digit growth across key financial metrics for new business value, earnings and cash generation.
The details are as follows (with growth rates shown on a constant exchange rate basis unless otherwise indicated):
New business performance and embedded value
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Value of new business (VONB) increased by 15% to $5,516m
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Operating ROEV of 15.8%, up by 90 basis points
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EV Equity of $79.7bn, up by 14% per share on an actual exchange rate basis
IFRS earnings
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Operating profit after tax (OPAT) of $7,136m, up 12% per share
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Confident in meeting or exceeding OPAT per share CAGR target of 9 to 11 % from 2023 to 2026
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Operating ROE of 15.5%, up 70 basis points
Free surplus generation and capital
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Underlying free surplus generation (UFSG) of $6,765m, up by 11% per share
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Net free surplus generation (net FSG) up by 14% per share to $4,451m after new business investment
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Shareholder capital ratio of 221% at 31 December 2025
Dividends and share buy-backs
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Final dividend increased by 10% to 144.08 Hong Kong cents (18.40 US cents) per share
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Total dividend of 193.08 Hong Kong cents per share, up 10 %
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New $1.7bn share buy-back.
AIA’s Group Chief Executive and President, Lee Yuan Siong, said, “AIA’s strategy continues to evolve with customer needs, technological progress and market opportunities. It is designed to perform through market cycles, as evidenced by our excellent results in 2025. We have entered 2026 with strong business momentum and I have confidence in AIA’s ability to deliver sustained shareholder value over the long term.”
The group has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau, and a 49% joint venture in India. In addition, AIA has a 24.99% shareholding in China Post Life Insurance.
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AIA Group: Value of New Business by Geography (US$ m)
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|
Geography / Item
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2025
|
2024
|
2023
|
2022
|
2021
|
|
Mainland China
|
1,240
|
1,217
|
1,037
|
916
|
1,108
|
|
Hong Kong
|
2,256
|
1,764
|
1,430
|
787
|
756
|
|
Thailand
|
993
|
816
|
713
|
585
|
609
|
|
Singapore
|
530
|
454
|
394
|
349
|
356
|
|
Malaysia
|
373
|
349
|
319
|
308
|
283
|
|
Other Markets
|
485
|
467
|
406
|
420
|
511
|
|
Subtotal
|
5,877
|
5,067
|
4,299
|
3,365
|
3,623
|
|
Consolidated capital requirements
|
-77
|
-73
|
-43
|
-52
|
-57
|
|
Value of unallocated Group Office expenses
|
-160
|
-205
|
-187
|
-192
|
-167
|
|
Group Corporate Centre tax
|
-83
|
-38
|
-
|
n/a
|
n/a
|
|
Non-controlling interests
|
-41
|
-39
|
-35
|
-29
|
-33
|
|
Total
|
5,516
|
4,712
|
4,034
|
3,092
|
3,366
|
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Source: AIA Group
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