Half Year 2024 AIA Group Ltd Earnings Call (Q&A) Transcript
Key Points
- AIA Group Ltd (AAGIY) reported a strong 10% growth in OPAT per share on a constant rate basis for the first half of 2024.
- The company provided a double-digit guidance for OPAT growth, ranging from 9% to 11% for the next three years.
- AIA Group Ltd (AAGIY) saw a 36% growth in Value of New Business (VONB) in China, driven by both existing and new geographies.
- The company experienced a significant increase in the number of active agents, with a 26% growth in recruitment.
- AIA Group Ltd (AAGIY) extended its bancassurance partnership with BCA in Indonesia to 2038, indicating strong future growth potential in the region.
- The macroeconomic environment in Mainland China remains challenging, with falling interest rates and a difficult equity market.
- The company's India business showed relatively weaker new business value growth in the first half due to a high base effect from the previous year.
- There are ongoing uncertainties regarding the potential approval and impact of composite licenses in India.
- The political turmoil in Thailand could potentially impact the business operations, especially in the Bangkok area.
- The company faces challenges in managing asset and liability matching in a low-interest-rate environment, particularly in China.
Good morning from AIA Central in Hong Kong, and welcome to our 2024 interim results analyst briefing. I'm Lance Burbidge, Chief Investor Relations Officer for the AIA Group.
With me on stage, I have Lee Yuan Siong, our Group Chief Executive and President; Garth Jones, our group Chief Financial Officer; and our three Regional Chief Executives: Jacky, Hak-Leh, and Leo. Also in the room, I have other members of our Executive Committee, who can answer questions in case needed.
With that, I will move over to our operator and open to questions.
Questions & Answers
(Operator Instructions) Charles Zhou, UBS.
Congratulations. I think it's a very strong set of results, not only about the value of new business, we are also glad to see 10% growth per share CR basis for OPAT and also the USFG.
So I have three questions. The first question is related to OPAT and USFG, 10% growth CR per share basis in the first half.
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