Geographic ExpansionImproving China market outlook, with accelerating Value of New Business (VONB) contribution from new geographic expansion areas and an alleviating economic assumption impact, bodes well for growth in FY26F.
New Business GrowthVNB rose +25% y/y to USD1.5bn in 3Q25, beating expectations of high-teens growth, supported by 14% APE growth and 5.7ppt of VNB margin improvement.
Regulatory ChangesAIA HK is considered a beneficiary of the 'Par' product illustrative investment rate cap policy, implemented in 2025, given that the majority of its products' illustrative rates already fall within the new regulatory rule.