Ge Long Hui·2026-03-19 23:21Core Insights - The company achieved a new business value (NBV) of $5.516 billion in 2025, reflecting a year-on-year growth of 15% at constant exchange rates [1] - The NBV profit margin improved by 3.6 percentage points to 58.5%, driven by product mix optimization in Hong Kong and Thailand, as well as repricing of mainland products [1] - The after-tax operating profit reached $7.136 billion, a 7% increase year-on-year, contributing to a 12% rise in EPS to 67.65 cents [1] Market Performance - The NBV growth was particularly strong in the Hong Kong market, which saw a 28% increase to $2.256 billion, making it the group's most significant growth engine [1] - Local customer business grew by 21%, while the demand from mainland visitors surged by 35% post-border reopening [1] - The mainland market's NBV grew by 2% year-on-year despite a low-interest-rate environment [1] Regional Expansion - The second half of the year saw an acceleration in NBV growth to 14%, indicating a robust recovery [2] - The company's expansion strategy in nine new regions (including Tianjin, Sichuan, and Henan) resulted in a combined NBV growth of 45%, providing new long-term growth momentum [2] - In the ASEAN market, Thailand's NBV grew by 13%, with a profit margin of 110.9%, attributed to preemptive sales of medical insurance before new industry regulations took effect [2] Distribution Channels - The "Top Agents" channel contributed 73% of the group's NBV, with a year-on-year growth of 13% to $4.273 billion [2] - The NBV profit margin for this channel increased by 3.4 percentage points to 71.5% [2] - The partner distribution channel also performed well, with a 22% increase in NBV to $1.593 billion, driven by strong double-digit growth in bank insurance and intermediary partnerships [2] Dividend Policy and Future Outlook - The company maintained a stable dividend policy, with a year-on-year increase of 10% in the annual dividend, totaling 193.08 Hong Kong cents [3] - A new share buyback plan of $1.7 billion was approved to enhance shareholder returns [3] - The company is expected to benefit from long-term trends in Asia, including demographic changes, wealth growth, and increased insurance penetration [3] - Earnings forecasts for 2026 to 2028 have been raised, with expected EPS of $0.68, $0.77, and $0.86 respectively [3]