AIA Group Limited 友邦保險控股有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） Stock Codes: 1299 (HKD counter) and 81299 (RMB counter) 股份代號：1299（港幣櫃台）及81299（人民幣櫃台） NOTIFICATION LETTER 通知信函 Dear Registered Shareholder, AIA Group Limited (the "Company") Notice of Publication of Interim Report 2025 of the Company (the "Interim Report 2025") The English and Chinese versions of the Interim Report 2025 are available on the Company's website at www.aia.com and Hong Kong Exchanges and Clearing Limit ...

Financial Performance - New business value increased by 14% to $2.838 billion[3] - After-tax operating profit reached $3.609 billion, representing a 12% increase per share[3] - Basic earnings per share rose by 10% to $3.569 billion[3] - Annualized embedded value operating return improved to 17.8%, up 290 basis points from 14.9% in 2024[3] - The company returned $3.71 billion to shareholders through dividends and share buybacks in the first half of 2025[3] - Operating profit increased to $5.893 billion, with earnings per share rising by 15%[16] - The total intrinsic value equity profit for the six months ended June 30, 2025, was $4.4 billion, after accounting for the global minimum tax of $51 million[58] - The company reported a net profit of $2.53 billion for the six months ending June 30, 2025, compared to $3.31 billion for the same period in 2024[95] Dividends and Shareholder Returns - Interim dividend increased by 10% to HKD 0.49 per share[3] - The company announced a 10% increase in the interim dividend per share to HKD 0.49[45] - The company returned $3.71 billion to shareholders through dividends and share buybacks in the first half of 2025[95] - The company returned $1.768 billion in dividends and $1.942 billion in share buybacks during the first half of 2025, resulting in an ending free surplus of $9.898 billion[111] New Business Growth - Active agents increased due to investments in generative AI, driving a 17% growth in new business value from agents[2] - New business value for the six months ended June 30, 2025, reached $2,838 million, representing a 14% increase year-over-year[8] - New business value from the agency channel rose by 17% to $2.220 billion[20] - New business value in Hong Kong grew by 24% to $1.063 billion, with active new agents increasing by 25%[29] - New business value in China was $743 million, with a 10% growth before economic assumption changes[30] - Thailand's new business value surged by 35% to $522 million, benefiting from a strong sales increase[31] - Singapore's new business value rose by 16% to $259 million, supported by a 22% increase in agent productivity[31] Capital Management - Shareholder capital ratio as of June 30, 2025, stood at 219%[3] - The embedded value equity as of June 30, 2025, was $73.67 billion, reflecting a 5% increase per share[41] - The total embedded value increased by 8% to $77.38 billion before returning $3.71 billion to shareholders through dividends and share buybacks[54] - The group’s local capital coverage ratio remained strong at 254% as of June 30, 2025[130] Investment Performance - The company reported a negative investment return variance of $1.397 billion, primarily related to market changes in Thailand, offset by positive foreign exchange translation effects[53] - The net investment performance after expenses reached $1.536 billion, a decrease of $116 million compared to the first half of 2024[64] - The total investment return from non-dividend and surplus assets was $4.686 billion for the first half of 2025[80] Operational Efficiency - The company achieved a 255% increase in operational variance, rising to $231 million compared to $71 million in the previous year[67] - The company reported a strong operating profit margin of 15.1%, with a return on equity of 16.2%, an increase of 140 basis points year-over-year[63] - Operating expenses increased by 2% to $1.751 billion for the six months ended June 30, 2025, with an expense ratio improvement of 80 basis points to 7.3%[86] Market Performance - AIA Group achieved a new business value growth of 14% to $2.838 billion in the first half of 2025, supporting profit growth[39] - The company has over 19,000 MDRT agents, more than double that of its closest multinational competitor[21] - The overall new business value across eleven markets grew by 14%, with nine markets reporting increases[178] Future Outlook - The company aims for a compound annual growth rate of 9% to 11% in after-tax operating profit per share from 2023 to 2026[3] - The company aims for a compound annual growth rate of 40% in new business value from new regions in mainland China from 2025 to 2030[168]

Core Insights - AIA Group's CEO, Lee Yuanxiang, emphasized that mainland China is the most important market for the company, showcasing significant potential for growth [1] - The latest half-year report revealed a 14% increase in new business value to $2.838 billion, with 13 out of 18 markets experiencing growth, and a 3.4% year-on-year increase in new business value margin to 57.7% [1] Group 1: Long-term Investment in China - AIA established its first branch in Shanghai in 1992, being one of the earliest foreign insurance companies to obtain a personal insurance business license in China [2] - Since 2019, AIA has expanded to 14 operational regions in mainland China and plans to add 1-2 new provincial branches annually [2] - In 2022, AIA invested 12.033 billion RMB in China Post Insurance, becoming its second-largest shareholder, and provided technical support for its successful transformation [2] Group 2: Asset Management Company Establishment - The approval for the establishment of AIA Asset Management Company marks a significant milestone in AIA's ongoing development in mainland China [3] Group 3: Synergy Between Assets and Liabilities - Regional expansion is a core driver of AIA's growth in mainland China, with a focus on optimizing the synergy between assets and liabilities for future growth [4] - In a low interest rate environment, AIA is shifting its focus on long-term savings to diversified and participating products, promoting balanced development across various insurance types [4] - The company believes that the development of participating insurance will thrive in a low interest rate environment, benefiting both the company and clients [4] Group 4: Differentiated Bancassurance Strategy - AIA is committed to a differentiated bancassurance model, focusing on a few banks that align with its long-term cooperation vision, targeting high-income and high-net-worth clients [5] - The implementation of the "Bancassurance Integration" policy and ongoing interest rate adjustments have made the bancassurance market more standardized and healthy, which AIA views as a future opportunity [6]

Core Viewpoint - AIA Group Limited (01299) announced the granting of 126,600 stock options to an employee of its subsidiary, as part of its revised stock option plan adopted on May 29, 2020 [1] Summary by Relevant Sections - **Stock Options Granted**: The company granted a total of 126,600 stock options to the designated employee, allowing the right to receive either shares or cash equivalent to the difference between the subscription price and the market price on the exercise date or nearby [1] - **Plan Details**: The stock option plan was originally adopted on May 29, 2020, and has been revised since then [1]

Core Viewpoint - AIA Group Limited (01299) announced the grant of 126,600 stock options to an employee of its subsidiary, as part of its revised stock option plan adopted on May 29, 2020 [1] Summary by Relevant Sections - **Stock Option Grant** - The company granted a total of 126,600 stock options to a designated employee [1] - **Plan Details** - The stock options will allow the employee to receive either 126,600 new ordinary shares or an equivalent cash amount, which will be determined by the board based on the difference between the subscription price and the market price of the shares on or around the date of exercise [1]

Core Viewpoint - AIA Group Limited (01299.HK) announced the grant of 126,600 stock options to an employee of its subsidiary, as part of its stock option plan adopted on May 29, 2020 [1] Summary by Relevant Sections - **Stock Option Grant**: The company granted 126,600 stock options to an employee, allowing the recipient to receive either new ordinary shares or cash equivalent to the difference between the subscription price and the market price on the exercise date or surrounding dates, as determined by the board [1]

本公告僅供參考，並不構成任何人士收購、購買或認購證券的邀請或要約。本公告並非亦無意作為在美國 發售本公司證券供出售的要約。本公司證券並無亦不會根據 1933 年美國證券法（經修訂）（「美國證券法」） 登記，且不得未根據美國證券法登記或適用豁免登記規定而在美國發售或出售。本公司證券並無亦無計劃 在美國公開發售。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 AIA Group Limited 友 邦 保 險 控 股 有 限 公 司 （於香港註冊成立的有限公司） 股份代號：1299（港幣櫃台）及 81299（人民幣櫃台） 授出購股權 本公告乃根據香港聯合交易所有限公司證券上市規則第17.06A、17.06B及17.06C條而作出。 友邦保險控股有限公司（「本公司」）董事會（「董事會」）宣佈，於2025年9月4日，本公司 根據其於2020年5月29日採納的購股權計劃（經修訂）（「購股權計劃」）向本公司的附屬公 司的一名僱員（「該承授人」）授出126,62 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01299 | | 說明 | | | | | | | 多櫃檯證券代號 | 81299 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 10,504,433,563 | | 0 | | 10,504,433,563 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 10,504,433,563 | | 0 | | 10,504,433,563 | 第 2 頁 共 11 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 | 截至月份: ...

Core Insights - AIA Group reported a new business value of $2.838 billion for the first half of 2025, representing a 14% year-on-year increase, with a new business value margin rising by 3.4 percentage points to 57.7% [2][4] - In mainland China, AIA's new business value reached $743 million, showing a 10% growth before accounting for economic assumption changes, with a second-quarter acceleration to 15% year-on-year growth [5][6] - AIA plans to expand into one to two new regions in mainland China annually, capitalizing on significant growth potential in early-stage markets [6][7] Financial Performance - AIA's after-tax operating profit for the first half of 2025 was approximately $3.609 billion, with earnings per share increasing by 12% [2] - The new business value in the Hong Kong market was $1.063 billion, marking a 24% increase, while Thailand's market saw a 35% growth to $522 million [4][5] Market Expansion Strategy - AIA's new regions contributed to a 36% year-on-year increase in new business value since 2019, with a compound annual growth rate exceeding 40% over the past three years [6][7] - The company has established a team of over 1,700 new agents in newly opened regions, targeting a customer base of 100 million [6] Product Strategy - AIA is shifting its investment management to a dedicated asset management company, AIA Asset Management, set to launch by the end of this year [3][9] - The company is optimizing its product structure, with 87% of new business value from long-term savings products coming from participating products, which provide higher expected long-term returns [8][10]

Core Viewpoint - AIA has set a high target of a 40% compound annual growth rate for new business value in new regions of the Chinese mainland market over the next five years, despite challenges such as a low interest rate environment [1][5]. Group 1: New Business Value Performance - AIA's new business value (VONB) increased by 14% year-on-year to $2.838 billion, with a profit margin rising by 3.4 percentage points to 57.7% [1][2]. - The new business value for AIA Life in the Chinese mainland decreased by 4% year-on-year, primarily due to adjustments in economic assumptions [2]. - Excluding the impact of economic assumption changes, AIA Life's new business value grew by 10%, with a second-quarter growth rate of 15% [2]. Group 2: Strategic Expansion Plans - AIA plans to add 1-2 new provincial agencies each year, expanding its operational regions from 5 to 14 over six years, with new regions showing a 36% increase in new business value in the first half of 2025 [4]. - The company aims to deepen its market presence through various strategies, including establishing an insurance asset management company and transforming dividend products [1][5]. Group 3: Response to Low Interest Rates - In response to the low interest rate environment, AIA has shifted its focus towards dividend products, which accounted for 87% of the new business value from long-term savings in the first half of 2025 [6]. - The company believes that dividend products provide a "win-win-win" situation for insurance companies, customers, and capital markets, as they can reduce liability costs while offering potential returns to customers [6]. Group 4: Asset Management Strategy - AIA is focusing on differentiating between dividend and non-dividend accounts in its asset management strategy, ensuring appropriate asset-liability matching [7]. - The asset allocation strategy includes long-term bonds, alternative assets, repurchase agreements, QDII overseas investments, and equities to enhance returns [7].