AIA Group Limited (AAGIY) Q2 2026 Earnings Call Transcript

Yuan Siong Lee
Group Chief Executive, President & Executive Director

Good morning, and thank you for joining AIA’s 2026 interim results presentation. We have delivered a strong set of results with double-digit growth across our key financial metrics. Value of new business increased by 10% to a record high of $3.2 billion. We saw growth across all distribution channels and reportable segments, excluding Thailand, which had an exceptionally high comparative as previously disclosed.

Underlying VONB growth was 14% adjusting for Thailand. AIA’s consistent delivery of high-quality new business has accelerated growth in earnings. Operating profit after tax of $4.2 billion was up 13% per share, driving a record operating ROE of 17.5%. And we now expect to exceed our 9% to 11% OPAT per share CAGR target over 2023 through 2026.

Operating cash generation grew strongly with underlying free surplus generation up 10% per share and net free surplus generation up 12% per share. The Board has declared a 10% increase in the interim dividend per share. These results demonstrate that our strategy is working as intended. We are growing fast, returning substantial cash