EarningsQ2 2026 Earnings Report
CH:7A2 Q2 2026 EPS Results
Actual EPSCHF0.34
Consensus EPSCHF0.32
Beat/MissBeat by +CHF0.02
One Year Ago EPSCHF0.20
CH:7A2 Q2 2026 Revenue Results
Actual RevenueCHF14.50B
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+12.81%
Earnings Announcement Details
QuarterQ2 2026
Date08/19/2026
TimeAfter Close
Conference CallWednesday, August 19, 2026
CH:7A2 Upcoming Earnings
AIA Group's next earnings date is estimated for March 5, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CH:7A2 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broad set of strong, double-digit results across new business, earnings and cash generation with record ROE and improved efficiency. Regional performances were robust—notably China (+20% VONB), India (+31% VONB) and Hong Kong (record H1 VONB +10%, margin 72%)—and management reiterated confidence in exceeding its OPAT per share target and returning capital to shareholders (10% interim dividend increase; $3.6bn returned in H1). Headwinds discussed were largely short-term or transitional: regulatory-driven bancassurance disruption in China, quarter-to-quarter volatility, competitive intensity in Hong Kong, and timing of holdco capital flows. Management described concrete mitigations (product mix shifts, ALM, IFRS 17 benefits, tech/AI investments) and emphasized the durability of their franchise and capital position. On balance, the positive operational and financial momentum substantially outweighs the transient challenges.Company Guidance
Record Value of New Business (VONB)
VONB increased 10% to a record $3.2 billion; underlying VONB growth of 14% when adjusting for Thailand; VONB has compounded at 17% p.a. over the last 3 years.
Strong Operating Profit and ROE
Operating profit after tax (OPAT) rose to $4.2 billion, up 13% per share, driving a record operating ROE of 17.5% (up c.200 bps year-on-year).
Cash Generation and Surplus
Underlying free surplus generation (UFSG) increased 10% per share to $3.9 billion; net free surplus generation rose 12% per share to $2.8 billion.
Shareholder Returns and Capital Deployment
Returned $3.6 billion to shareholders in H1 via dividends and buybacks; Board declared a 10% increase in interim dividend per share (HKD 0.539); $26.6 billion returned since 2022; shareholder capital ratio strong at 210% (30 June 2026).
High-Quality Product Mix and Economics
VONB margin stood at 57.1% group-wide; 96% of group VONB from protection and participating/unit-linked products; every $1 capital invested in new business expected to generate $4 of distributable earnings within 10 years and IRR on new business remains above 20%.
Embedded Value and EV Operating Profit Growth
EV operating profit increased to $6.6 billion, up 12% per share; EV equity increased 9% to $87.1 billion before returns and 6% per share after returns to $83.4 billion; operating ROEV rose 220 basis points to a record 18%.
Improved Operational Efficiency
Expense ratio improved by 130 basis points over 2 years to 6.9%; positive operating variances added $742 million to EV operating profit (including ~ $200 million medical claims savings in the half).
Premier Agency Strength
Premier Agency accounted for 72% of group VONB; Agency is a dominant competitive advantage (multiple mentions of MDRT leadership across markets).
China Outperformance
AIA China VONB grew 20%; Premier Agency VONB in China up 24% and accounted for nearly 90% of new business; active agents up 14% and active new agents up 25%; China VONB margin ~60%.
Hong Kong Record Performance
AIA Hong Kong delivered record H1 VONB of $1.2 billion, up 10% with margin at 72%; domestic VONB up 23% and average policy sizes +10%; persistency remained high at 99%.
Strong ASEAN and India Results
ASEAN contributed almost one-third of group VONB (> $1 billion) with Thailand Q2 VONB +13%, Singapore H1 +10% (Q2 +19%), Malaysia H1 +10%; Tata AIA (India) VONB +31% with agency +38% and partnership channels +23%.
Growth in Future Earnings and Distributable Earnings
CSM balance increased to $67.8 billion with underlying CSM growth of 10%; expected in-force distributable earnings over next 10 years of $57 billion, up 15% versus H1 2025.
CH:7A2 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed