Corporate Bond Portfolio and Investment Analysis
AIA Group: Excellent 1H 2023 Growth, Confident Outlook
Multiple Growth Engines
AIA GROUP
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MAINLAND
CHINA
HONG
KONG
ASEAN
INDIA
37% VONB growth to >$2b
Unrivalled distribution powered by TDA
■ 29% VONB growth from Feb to Jun
Unique advantages to capture full growth potential
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111% VONB growth from MCV and domestic
Well-positioned for sustained MCV business
16% VONB growth ex-Vietnam
#1 in ASEAN; 1/3 of Group VONB
48% VONB growth, #3 private life insurer
#1 retail protection, #1 persistency
Unmatched Financial Flexibility
STRONG, RESILIENT
BALANCE SHEET
GROWING
FREE SURPLUS
GENERATION
ATTRACTIVE NEW
BUSINESS RETURNS
CONSISTENT CASH
GENERATION
SUPERIOR
SHAREHOLDER
RETURNS
$16.3b free surplus
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260% Group LCSM coverage ratio
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AIA
$3.3b UFSG in 1H23, up 10% per share
$64.1b free surplus generation since IPO
>20% IRR on new business investment
3-year payback period
$1.7b capital flows to Group in 1H23
$8.7b Holding Co. financial resources
Interim DPS up 5% to 42.29 HK cents
$10b share buy-back programme
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