The Board of Directors of AIA Group Limited (the “Company”) is pleased to announce the Group’s financial results for the year ended 31 December 2025. Unless otherwise stated, growth rates are expressed based on fixed exchange rates.
New business performance and hidden value
• Value of new business (VONB) increased by 15% to USD 5,516 million.
• Operating ROEV was 15.8% (90 basis points increase)
• EV capital of USD 79.7 billion, +14% per share at actual exchange rates
IFRS revenue
• Operating profit after tax (OPAT) was USD 7,136 million, an increase of 12% per share.
• We are confident of achieving or exceeding our OPAT per share CAGR target of 9-11% from 2023 to 2026(1)
• Operating ROE increased by 15.5%, 70 basis points
Free surplus generation and capital
• Underlying free surplus generation (UFSG) was USD 6.765 billion, an increase of 11% per share
• Net free surplus generation (net FSG) increased 14% per share to US$4,451 million due to new business investments.
• Shareholders’ equity ratio as of December 31, 2025 is 221%
Dividends and share buybacks
• The final dividend was increased by 10% to 144.08 Hong Kong cents per share.
• Total dividend increased by 10% to 193.08 Hong Kong cents per share.
• New share buyback for US$1.7 billion (2)
Mr. Li Yuan Xiong, AIA Group CEO and President, said:
“AIA achieved record performance in 2025 with double-digit growth across key financial metrics: new business value, revenue and cash generation. Diversification was clearly demonstrated. After shareholder dividends and share buybacks, EV shares grew strongly by 14%(3) to USD 79.7 billion. Operating profit continues to rise due to consistent execution of our growth strategy.” ROEV and ROE were 15.8% and 15.5%, respectively, with a 12% increase in OPAT per share due to the combination of high-quality new businesses, and net FSG increased to USD 4,451 million per share after new business investments, reflecting UFSG’s growth and active transition to less capital-intensive products.
“In line with the Company’s prudent, sustainable and progressive dividend policy, the Board of Directors has recommended a 10% increase in the final dividend to 144.08 Hong Kong cents per share. This brings the total dividend to 193.08 Hong Kong cents per share, an increase of 10% from 2024. In accordance with management policy, the Board of Directors has approved a share buyback of USD 1.7 billion (2), including: USD 700 million to achieve the annual net FSG payout ratio target of 75%, with a further USD 1 billion subject to regular reviews of the Group’s capital position.
“Asia represents the most attractive growth opportunity for life and health insurance, with strong structural tailwinds driving sustained demand for protection and long-term savings, despite continued geopolitical and macroeconomic uncertainty. AIA is uniquely positioned to seize the opportunities available to us, given our broad and deep presence in the region and our continued focus on strategic priorities that further enhance our competitive advantage.”
“AIA’s strategy continues to evolve in response to customer needs, technological advances and market opportunities. It is designed to work through market cycles, as demonstrated by our strong performance in 2025. We enter 2026 with strong business momentum and I have confidence in AIA’s ability to deliver sustainable shareholder value over the long term.”
