Full Year 2023 AIA Group Ltd Earnings Call Transcript
Good morning from Hong Kong, and a warm welcome to AIA's Annual Results Presentation for 2023. Today, AIA has announced a return to very strong, profitable new business growth with VONB up 33% to over $4 billion and ANP at a record high. New business growth is the key driver of the 37% increase in EV operating profit per share and a 350 basis point uplift in operating return on EV to 12.9%. Operating profit after tax was up 7% per share on an underlying basis.
We grew our CSM, the stock of future OPAT, by 8.4% on an underlying basis, and operating return on equity was up by 50 basis points to 13.5%. Strong capital generation saw free surplus increase by 25% before capital returns of $2.3 billion in dividends and $3.6 billion through the buyback.
None of these returns to shareholders, our capital position remains very strong with free surplus of $16.3 billion. Total dividend per share is up 5%, and we have returned $7.2 billion through our ongoing share buyback program. These results, again,
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