EarningsQ2 2026 Earnings Report
DE:7A2S Q2 2026 EPS Results
Actual EPS€1.47
Consensus EPS€1.37
Beat/MissBeat by +€0.10
One Year Ago EPS€0.85
DE:7A2S Q2 2026 Revenue Results
Actual Revenue€15.60B
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+12.35%
Earnings Announcement Details
QuarterQ2 2026
Date08/19/2026
TimeAfter Close
Conference CallWednesday, August 19, 2026
DE:7A2S Upcoming Earnings
AIA Group's next earnings date is estimated for March 5, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:7A2S Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial performance: record VONB, double-digit growth across new business, earnings and cash, record ROE/ROEV, robust cash returns and a 10% dividend increase. Most key markets including China, Hong Kong, ASEAN and India showed healthy growth and improved economics, and management reiterated confidence in exceeding prior OPAT per share targets. Key risks discussed were largely short-term or transitional: regulatory/product redesign impacts in China bancassurance, market/regulatory noise around CMV demand, some quarterly volatility and competition in Hong Kong, and timing of holding company cash flows. Overall, the substantive and broad-based growth metrics and capital returns outweighed the noted challenges, which management framed as manageable or being mitigated.Company Guidance
Record Value of New Business (VONB)
VONB reached a record $3.2 billion, up 10% year-on-year; underlying VONB growth was 14% when adjusting for Thailand; VONB has been compounding at ~17% p.a. over the last 3 years.
Strong Operating Earnings and Returns
Operating profit after tax (OPAT) was $4.2 billion, up 13% per share, with record operating ROE of 17.5% (up ~200 bps). Management now expects to exceed the 2023–2026 OPAT per share CAGR target (9%–11%).
Robust Cash Generation and Capital Returns
Underlying free surplus generation (UFSG) rose to $3.9 billion, up 10% per share; net free surplus generation increased to $2.8 billion, up 12% per share. The company returned $3.6 billion to shareholders in H1 and declared an interim dividend up 10% to HKD 0.539 per share.
Record 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 was $83.4 billion after $3.6 billion of returns (up 6% per share). Operating ROEV rose 220 bps to 18%.
High-Quality Product Mix and Economics
High-quality mix: protection and participating/unit-linked products made up 96% of group VONB; group VONB margin at 57.1%; new business investment expected to generate ~$4 of distributable earnings per $1 of capital within 10 years and IRR remains above 20%.
Premier Agency Strength and Distribution Execution
Premier Agency contributed 72% of group VONB; AIA remains #1 in MDRT globally (multiple markets), with continued increases in new agency leaders (+19%) and new recruits (+24%); active agents in China up 14% and active new agents up 25%.
China: Excellent Growth and Margin Profile
AIA China VONB grew 20%; Premier Agency VONB +24% and accounted for ~90% of new business; maintained industry-leading VONB margin around 60% while building capacity with strong agent recruitment and geographic expansion.
Hong Kong: Record First Half Performance
Hong Kong VONB was $1.2 billion, up 10% with a high VONB margin of 72%; domestic VONB grew 23%, average policy size +10%, persistency remained high at 99%, and >25,000 new customers added in H1.
Strong Growth Across ASEAN and India
ASEAN contributed ~1/3 of group VONB (> $1 billion); Thailand Q2 VONB +13%; Singapore VONB +10% (Q2 +19%); Malaysia VONB +10% with accelerating Q2 momentum; Tata AIA (India) VONB +31% (agency +38%, partnerships +23%).
Expense and Claims Management Delivering Benefits
Expense ratio improved by 130 basis points over two years to 6.9% in the half; positive operating variances added $742 million to EV operating profit, including ~ $200 million of medical claims savings in H1.
DE:7A2S 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