The AIA Group has shown strong growth in multiple markets, especially in Hong Kong, Mainland China, and the ASEAN region, achieving high returns through a professional agent network and a diversified product portfolio. The Hong Kong market has achieved record VOMB, business in Mainland China is accelerating, the ASEAN region is performing comprehensively, and the Indian market continues to lead. The AIA Group emphasizes its long-term strategic focus on high-quality, sustainable growth models, leveraging core strengths such as a professional agent team and a comprehensive product line to meet the growing needs of customers while ensuring the resilience and profitability of the business.

The dialogue elaborated on AIA's position as a leader in the Asian insurance market, dedicated to meeting the growing insurance needs in the region through its unique competitive advantages, innovative insurance products, and outstanding customer experience. By integrating multi-channel distribution platforms, customized insurance solutions, and advanced digital technology, AIA has not only enhanced customer satisfaction and business efficiency, but also strengthened its leading position in the health insurance field. AIA's strategy focuses on long-term sustainable growth, aiming to create long-term value for shareholders through continuous innovation and operational optimization, while also promoting the healthy development of the Asian insurance industry.

In the first half of 2025, the company achieved double-digit growth in key financial indicators, including new business value, operating profit, and cash generation. New business value grew by 14% to reach $28 billion, driving operating ROV to 17.8%. Cash generation Ufs G increased by 10% to reach $36 billion, and operating ROE reached a record high of 16.2%. The company returned $37 billion to shareholders through dividends and stock buybacks, reducing the shareholder capital ratio to 219%. The board announced a 10% increase in mid-term dividends per share. The growth in new business was driven by high-quality products and a strong distribution platform, with 85% of new business value coming from traditional protection products and low guaranteed unit-linked products, generating stable cash flow. The return on new business investment exceeds 20%, with every $1 invested yielding almost $4 in dividend income over a 10-year period.

The report detailed the outstanding financial performance of the company in the first half of 2025, including significant positive growth in operating differences, increase in EV and shareholder equity, and a robust capital management strategy. Investment in new business has driven growth in distributable profits for the next 10 years, while the company effectively enhanced shareholder returns through dividends and stock buybacks. IFRS financial data reflects stable growth and efficient operations, while the capital management framework ensures that the company can continue to invest in high-return new businesses while maintaining sufficient financial flexibility to address future challenges.

The meeting discussed AIA Group's mid-term performance in 2025, including updates on capital management policies, emphasis on dividends and stock repurchases, and performance in the Indian market. It was pointed out that Tata AIA business has shown strong growth, leading market share, but there are currently no plans to separately disclose the Indian business.

The conversation discussed the market's performance in the first quarter, noting that its size is about one-third of other markets, and mentioning 49% of relevant data. Following that, it moved on to the question session, inviting the next questioner to join the discussion.

The dialogue revolves around AI China's future growth goals, reasons for improving operational efficiency, and sustainability, as well as the impact of Mark Tucker's new role on AIA's strategic direction. The discussion focused on China's target of achieving a 40% compound annual growth rate in the new region, emphasizing its solid planning based on business units. Additionally, the driving factors of high operational efficiency and its long-term feasibility were analyzed. Finally, the potential impact of the new management team on AIA's business growth strategy, capital management policies, and senior management structure was explored.

The conversation discussed the business potential of the new legislation, including driving factors such as urbanization and wealth growth, as well as three key success themes: mature business models, scalable operational models, and talent readiness. At the same time, it emphasized the contribution of high-quality new business, long-term accumulated mandatory insurance products, and capital management to high returns, demonstrating the company's solid track record and confidence in future growth.

The board of directors announced that a new chairman will join in October, who will be based in Hong Kong but will frequently travel globally to promote the company's relationships with key stakeholders and explore new markets. During the strict selection process that lasted for several months, external consultants assisted and the board's working group participated in the decision-making. The new chairman's priorities include governance, strategic planning, and leadership development, with specific details to be further disclosed upon assuming the position.

The conversation discussed the increase in profits in the Chinese market and its driving factors, predicted the future trend of profit margins, analyzed the impact of promotional activities in the Hong Kong market on sales, and evaluated the potential for continued growth in the Hong Kong market.

Discussed differentiation strategies in the Chinese market, including leading agent channels, bank insurance models, and product mix optimization, emphasizing the importance of new business quality indicators. Mentioned strong demand and innovative product launches in the Hong Kong market, as well as the growth of agent teams driving business development to ensure good performance in the future.

The discussion revolved around the potential impact of increased competition in the Hong Kong market, performance growth expectations in the Chinese market and its sustainability, as well as the company's future shareholder return strategy. Mention was made of how channel competition in the Hong Kong market could affect performance in the second half of the year, and whether the 40% annual compound growth rate in the Chinese market can be sustained. Additionally, plans to increase shareholder returns in the future through dividends and buybacks were also discussed.

The strong growth of the insurance industry in Hong Kong and Macau was discussed, especially the contribution of the agency channel exceeding 70%, as well as the market demand driven by innovative long-term savings plans. At the same time, growth targets for new regions were outlined, emphasizing quality and sustainability, and mentioning capital management policies, including 75% of net free surplus being used for dividends and stock buybacks, as well as returning a total of $22 billion to shareholders since 2020.

Discussed the continued contribution of the original five regions in China's business and the rapid expansion strategy of new areas, mentioning the short-term negative impact on Malaysia due to regulatory updates and expected recovery, while also emphasizing the strong growth with partner channels.

The dialogue delved into the potential and growth strategies of the Chinese insurance market, emphasizing the strong foundation of the existing market and the importance of developing new markets. It also shared the high-quality business performance in the Malaysian insurance market and the steady growth of agent channels. On the Chinese side, the recruitment effectiveness of the existing market and new markets were discussed, as well as the key role of brand influence and agent differentiation capabilities. In Malaysia, it was mentioned that there is a temporary slowdown in health insurance sales but long-term stable performance, as well as the excellent cooperation with public banks. Overall, it showcased the vitality and future prospects of the two markets.

The conversation revolved around the business performance of China and Thailand, discussing whether the market share of the Chinese business has become a new normal, as well as the impact of increasing the percentage of medical insurance products in Thailand on profits. Furthermore, the conversation touched on the impact of BEPS policy on old businesses, as well as the possibility of adjusting future product structures, especially the optimistic expectations for transitioning to health and protection-oriented products.

The conversation discussed several driving factors of business growth in the insurance market in Thailand, including one-time sales of health insurance, the shift in product structure towards protection-based products, and the strengthening of partnerships with banks. In addition, the impact of the world's lowest tax on net profits was mentioned, with an expected tax rate of 15% to 18% highlighted, emphasizing the uncertainty of this factor on long-term forecasts.

The conversation revolved around capital management and stock buyback strategies, discussing the goals of maintaining specific capital ratios or free cash balance, and how these goals affect buyback decisions. Particularly mentioned was the impact of market stock price on buyback effectiveness, the correlation between buyback size, timing, and stock price, and the consideration of the timing of buybacks occurring from April to July in this fiscal year.

The discussion centered around the company's annual buyback plan, emphasizing the importance of maintaining a shareholder capital ratio of over 200%, while also considering business pressures and absolute capital amounts. Buyback plans are typically announced at the end of March each year and executed from April to July, with the specific timing influenced by market trading volumes. The company determines its buyback actions based on the value of the stock and future growth potential, believing the current stock price to be attractive, and has already implemented buybacks.

The discussion centered around China's market growth strategies, capital management policies, and product repricing, emphasizing the balance between China's goal of 40% growth in new markets and improving capital efficiency. At the same time, the discussion focused on maintaining product attractiveness in the context of decreasing regulatory interest rates and strong market demand, as well as the stabilizing impact of interest rate changes on capital management.