AIA Group reports strong 2024, announces $1.6bn buyback

AIA Group (HKEX:1299) announced excellent 2024 financial results, highlighted by a record value of new business (VONB) reaching US$4.712 billion, representing an 18% increase. All reportable segments delivered double-digit VONB growth. Operating profit after tax rose 12% and underlying free surplus generation increased 10% per share. The company's embedded value equity increased 9% per share after $6.5 billion in capital returns to shareholders. The Board recommended a 10% increase in the final dividend to 130.98 Hong Kong cents per share. In accordance with its enhanced capital management policy, AIA announced a new share buy-back of US$1.6 billion, which includes $0.6 billion to meet the payout ratio target of 75% of annual net FSG.