2025-03-13 22:01Financial Performance - New business value increased by 18% to $4.712 billion, with all reporting segments achieving double-digit growth[4] - Annualized new premiums rose by 14% to $8.606 billion, indicating strong market demand[4] - After-tax operating profit amounted to $6.605 billion, reflecting a 12% increase per share[4] - The generated basic free surplus was $6.327 billion, with a 10% increase per share[4] - Operating profit based on embedded value reached $10,025 million, a 14% increase from $8,890 million in 2023[10] - The operating return on embedded value improved to 14.9%, up from 12.9% in the prior year, representing a 2.0 percentage point increase[10] - The total weighted premium income grew to $41,398 million, marking a 10% increase from $37,939 million in 2023[10] - Net operating profit after tax reached a new high of $6.605 billion, with earnings per share increasing by 12%[40] - The basic contract service margin grew by 9.1%, contributing to the increase in after-tax operating profit and indicating strong recurring earnings from quality new business[65] Shareholder Returns - A new round of share buyback worth $1.6 billion was announced, alongside a 10% increase in the final dividend to HKD 1.3098 per share[5] - The total capital returned to shareholders through dividends and share buybacks is projected to be $6.5 billion in 2024[5] - The company returned $6.478 billion to shareholders through dividends and share buybacks during the year[34] - The board proposed a final dividend increase of 10% to HKD 1.3098 per share, resulting in a total annual dividend of HKD 1.7548 per share, up 9%[35] - The company aims to return 75% of annual generated free surplus through dividends and share buybacks, with a new share buyback plan of $1.6 billion approved[35] - The company has returned $18.2 billion to shareholders through dividends and share buybacks from 2022 to 2024[69] Capital Management - After returning capital to shareholders, the embedded value equity reached $71.6 billion, representing a 9% increase per share[4] - The shareholder capital ratio as of December 31, 2024, stands at 236%[4] - AIA Group's capital management policy was optimized in April 2024, increasing the total share buyback program to $12 billion, with 1.409 billion shares repurchased, representing 11.7% of the total shares issued at the time of the announcement[26] - The eligible group capital resources increased from $73.156 billion to $77.650 billion, mainly due to effective business generation and issuance of eligible subordinated securities[169] - The local capital adequacy ratio under the insurance group regulatory framework is 257% as of December 31, 2024, down from 275% in 2023[169] Business Growth - New business value in mainland China increased by 20% to $1,217 million, with annualized new premiums rising to $2,168 million[12] - New business value in Hong Kong grew by 23% to $1.764 billion, driven by an increase in active agents and productivity[42] - New business value in Thailand reached a record high of $816 million, up 15%, supported by strong growth in the agency distribution channel[43] - New business value in Singapore grew by 15% to $454 million, with all distribution channels performing strongly[44] - The overall new business value in other markets increased by 18% to $467 million, with growth recorded across all markets[45] Digital Transformation - The digital submission rate for new business reached 99%, with 82% of all policies completed through automated underwriting[47] - AIA Co. is leveraging advanced digital technology to support its unique agency force, enabling them to provide comprehensive advice on a wide range of protection and wealth propositions[200] Sustainability and Social Impact - The company is committed to achieving net-zero emissions by 2050, integrating climate factors into its strategy and operations[53] - The company has positively impacted 496 million people through various initiatives aimed at promoting health and financial inclusion, aligning with its goal to help one billion people by 2030[27] Market Position and Strategy - AIA Group achieved a new business value growth of 18% to a record high of $4.712 billion in 2024, reflecting strong demand for its quality products and services across all reporting markets and distribution channels[23] - The company set a compound annual growth rate target of 9% to 11% for after-tax operating profit per share from 2023 to 2026, demonstrating confidence in its recovery post-pandemic[21] - The company is focused on enhancing its "Best Agency" strategy, which emphasizes quality recruitment, extensive training, and systematic career development[200] Financial Health - The total assets increased by 7% to $305.454 billion, driven by a 9% rise in financial investments to $272.151 billion[127] - The company reported a significant increase in the fair value of assets, with a 1,013% rise in fair value reserves to $5.744 billion[127] - The company’s total liabilities increased by 8% to $264.641 billion, with insurance and reinsurance contract liabilities rising by 9% to $221.667 billion[127]