Aia Group Ltd S/Adr (AAGIY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you for joining AIA's 2025 Interim Results Presentation. I will take you through our performance in the first half of the year and provide an update on our strategic outlook. Let's begin with the financial highlights. AIA delivered excellent results with double-digit growth across our key financial metrics. Value of new business increased by 14% to a record high of $2.8 billion. Underlying free surplus generation per share grew by 10%, and operating profit after tax per share rose by 12%. We returned $3.7 billion to shareholders in the first half, and today, the Board has declared a 10% increase in the interim dividend per share, highlighting our confidence in future growth. These results demonstrate AIA's ability to deliver compounding new business growth that drives both cash generation and higher earnings for many years to come. Importantly, our results come from a portfolio of high-quality recurring profit streams anchored in protection, health, and long-term savings that are resilient across economic cycles. In Hong Kong, we achieved record VOMB of $1.1 billion, up 24%, with higher momentum in the second quarter. Demand was strong in both the domestic market and from mainland Chinese visitors, with broadly equal contributions, showing how our customer base is diversified and expanding. AIA's premier agency remains the number one in Hong Kong and Macau and continues to be the main driver of growth. VOMB from agency increased by 35% to a record high, supported by both a larger active agent base and substantial productivity gains. New recruits were up by 15%, expanding our capacity to capture future demand. Within partnerships, Bank Assurance VOMB grew by 27% and the IFA and broker channels showed solid quarter-on-quarter growth with VOMB up ...