Core Viewpoint - The report highlights AIA Group's strong performance in 2025, with significant growth in new business value and operational profit, driven by increased sales and improved profitability of new business [4][5]. Group 1: Financial Performance - AIA Group achieved a post-tax operating profit of $7.14 billion in 2025, representing a year-on-year increase of 7% at fixed exchange rates and 8% at actual exchange rates [4]. - The net profit attributable to shareholders was $6.23 billion, showing a decline of 8.8% year-on-year [4]. - The new business value reached $5.52 billion, up 15% at fixed exchange rates and 17.1% at actual exchange rates [4]. - The embedded value was $76.81 billion, reflecting an increase of 11.3% from the beginning of the year [4]. - The final dividend per share was HKD 1.44, a 10% increase year-on-year, with total annual dividends per share at HKD 1.93, also up 10% [4]. Group 2: New Business Value Growth - The new business value of AIA Group reached $5.52 billion in 2025, with quarterly growth rates of 12.8%, 18.9%, 27.1%, and 9.7% respectively [5]. - The annualized new premium for 2025 was $9.48 billion, reflecting a year-on-year increase of 10.2% [5]. - The new business value margin was recorded at 58.5%, an increase of 4.0 percentage points year-on-year, driven by product structure optimization in Thailand and Hong Kong, as well as repricing in mainland China [5]. Group 3: Market Contributions - In mainland China, the new business value was $1.24 billion, a year-on-year increase of 1.9%, with a significant acceleration in the second half of the year [6]. - The Hong Kong market contributed significantly to the new business value, which grew by 27.9% to $2.26 billion, benefiting from the launch of new flagship products [7]. - In Thailand, Singapore, and Malaysia, the new business values were $0.99 billion, $0.53 billion, and $0.37 billion respectively, with year-on-year increases of 21.7%, 16.7%, and 6.9% [8]. Group 4: Distribution Channels - The agency channel was the primary driver of new business value growth, contributing over 70% with a year-on-year increase of 15.3% to $4.27 billion [9]. - The partner distribution channel saw a year-on-year increase of 22.4% to $1.59 billion, driven by growth in bancassurance and independent financial advisor channels [9].