AIA Insurance's after-tax operating profit exceeded $7.1 billion last year, and AIA Life's full-year new business value increased by 2%.

On March 19, AIA Group Limited (AIA, 01299.HK) released its 2025 annual results report, showing that in 2025, AIA achieved a post-tax operating profit of approximately $7.136 billion, a 7% year-over-year increase at fixed exchange rates; generated new business value of $5.516 billion, up 15% year-over-year; and saw the new business value profit margin increase by 3.6 percentage points to 58.5%.

Looking at AIA’s main markets, its Hong Kong business achieved a 28% increase in new business value to $2.256 billion in 2025, with local customer growth of 21% and mainland Chinese visitor customer growth of 35%.

AIA Thailand’s new business value grew by 13% to $993 million; Singapore’s new business value increased by 14% to $530 million, with agency channels growing 10% and partner distribution channels growing 31%; Malaysia’s new business value was $373 million.

In the mainland China market, AIA’s wholly owned subsidiary, AIA Life Insurance Company Limited (referred to as AIA China), saw a 14% year-over-year increase in new business value in the second half of 2025, and over 20% growth in the first two months of 2026. After accounting for the impact of economic assumption changes, AIA China’s full-year 2025 new business value grew by 2% to $1.24 billion, with total weighted premium income increasing by 14%.

In 2025, the agency distribution channel remained AIA’s main growth engine, with new business value increasing by 13% to $4.273 billion, accounting for 73% of AIA’s total new business value. AIA stated that this was driven by an increase in active agents, productivity improvements, and a high-capital-efficiency product mix, which contributed to a 3.4 percentage point rise in the new business value profit margin to 71.5%.

Additionally, in the partner distribution channel, AIA’s bancassurance and intermediary partner channels achieved double-digit growth in new business value in 2025. Partner distribution channels’ new business value increased by 22% to $1.593 billion, benefiting from broad double-digit growth across 12 markets, improved product profitability, and favorable regional distribution, with the new business value profit margin rising by 3.5 percentage points to 45.4%.

In the mainland China channel, in 2025, AIA China continued to deepen its excellent agent channel, with agent channels accounting for 85% of new business value. The company added 14% more new agents during the year and saw a 20% increase in active new agents. The remaining 15% of new business value came from the bancassurance channel. AIA China stated that its bancassurance channel focuses on high-net-worth clients and highly selective partners to achieve differentiated development.

Protection products remain the core of AIA’s product portfolio. In the second half of 2025, 44% of new business value from AIA China’s agent channel was contributed by protection-type products.

AIA Group CEO and President Lee Yuan Siong stated in the annual report that the company announced a grand goal in August 2025, aiming for a 40% compound annual growth rate in new business value across new regions from 2025 to 2030. In 2025, AIA China’s nine new regions (Tianjin, Hebei, Sichuan, Hubei, Henan, Anhui, Shandong, Chongqing, and Zhejiang) saw a 45% increase in new business value to $118 million.

Currently, AIA China operates in 14 regions, with Shandong, Chongqing, Anhui, and Zhejiang fully launching operations in 2025. These nine new regions contributed over 9% to AIA China’s new business value in 2025.