AAGIY - Earnings call transcript Q4 2021

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Yuan Siong

Good morning from Hong Kong and welcome to our 2021 Annual Results Presentation. I hope that you are staying safe and well. I'm incredibly proud of how AIA's employees, agents and partners have responsive with dedication and care for our customers during the ongoing pandemic, while delivering strong financial results for our shareholders. Today's announcement demonstrates AIA's unique ability to deliver VONB, earnings, and cash.

We have achieved growth in all of our key financial metrics. for ongoing by through commitment billion dividend have and a our buyback. our demonstrated to increased the X% year we $XX We shareholder value

XX% the now VONB you me than through Let increased billion. take by to more $X.X highlights.

portfolio growing generation profit surplus further growth both exceeding $X.X Our after-tax in-force in underlying and large supported and XXXX. free with operating billion in

shareholders' a position allocated pro both highs. free final billion increase dividend surplus share. financial to total of $XX billion with billion of for in the is of equity HKDX.XX strong per and basis. $XX.X reached forma The on recommended very EV Board the Equity Our an XXXX bringing $XX.X record dividend, has X%

has This share of available flexibility growth As very of to enhance a will to result significant our retaining approved Board invest $XX buyback also the billion. strong opportunities us. returns, the shareholder while position, in financial capital a financial

achieved from the result again AIA reflecting and drove Hong demand growth Strong all our with to XX% exceptional Agency the distribution VONB. of reflects creation. operating track of performances AIA In Our value excellent for levels. was across Premier Kong segments of of people, quality XXXX, shareholder by Hong the growth. of grew delivered strategy our of strength differentiated once the XX%, all group's model, contributor outside with and exceeded our Kong performance customers our to Thailand channels. AIA largest the VONB growth from our an China pre-pandemic reportable strong record and XX% commitment VONB the group resilience domestic

our delivered Bank with in AIA saw Malaysia. XX% distribution achieved Agency containment protection measures growth half. across the on first other position offset where was highlight scaling India, focus the temporary A channels. Our while growth, we strong growth by Premier retail of market growth, our second half the drove X% and strong markets key industry-leading in maintained in and of return collaboration close pure Public capacity Singapore

strong scale portfolio broad-based our across analytics. the change very We is our heart have performance of diversified digital, group, business a use strategy growth and the technology, demonstrating step the achieved a ambitious and in across Asia. of At and

We global with group's across transactions and group XXXX, greater of efficiency, the leading infrastructure financial XXX delivered the fully major are with have for than processes all clearly times faster analytics than with throughout of cloud. are outpacing In XX% industry hosted group, service. the to advanced more customer end-to-end services supporting need human automated now of XX% the no from Close projects across use intervention, in we organization. and more AI turnaround our the the transforming

designed and all are driving policies with now markets, consistent issued Nearly pay we XXX% to digitally And e-payments. more service, are deliver customer retention. platforms claims customer-centric while personalized Our engagement digitally. seven higher and in new our of of

our Premier of than As group's from XX% see, you contributing agents XXXX by strong Agency, for our The customers, TDA total up growth and partners. was results an excellent more led in is achieving VONB. strong XX% transformation our VONB can performance and

generating into ways digital for purchase created contribution and new powerful generation, Integrating engaged leads and lead over to customer a entire platforms training and has million value media to social and compelling Our chain material new X from span sales. recruitment agency marketing service. digital our the agents our customers, tools

advice in income operations ever substantial enabling strict provision delivered of Productivity, in and increased our our superior we built model and standards platforms an stands many MDRT new support our higher Agency strength of of We scaling as is tools productivity higher. and XXXX. ensuring years, cutting-edge faster quality digital advanced elevate Universal XXXX. all our clear. Mainland leaders productivity over quality significantly efficiency, have in standards agency platform adoption China members And agency the where maintained. have unparalleled Premier we while high-quality its The our improvements our of out drives agent differentiated digital and higher are

careers Our income successful model levels focused AIA. talent growing on high-quality long-term agents, delivers professional attractive to for

in half, advancing We headwinds market, our March Since XXXX AIA our the agent new within a July Sichuan operations that in launched we XXXX, subsidiarization in the has branch approval also operation additional presence months in While Hubei, of enabling four as recently have CBIRC Tianjin China the a And to receiving CBIRC. products the our the numbers. largest expansion in to GDP. new whole, recruits geographies opened significant our at granted experienced generated XXXX, pace. our Shijiazhuang, our in has and upgrade through increase been expand approval eighth us growing in just newest I'm by second offices. sales into pleased initial from very us successfully

our we as additional across expansion successful model, XXXX. growth in Bank in and our which new in July, replicate XX% delivered We and Kong Mainland scale, Hong operations has AIA a launched strength our East partnership our China, extending are excellent of Bay invest to highly Area. progress accelerate we ambition making financial in exclusive opportunities Greater leading Asia growth strategy. to the AIA's XX-year Last with position the

adding the in XXXX, health our and DEA investment partnership of our Hong and Kong increasing wellness insurance group's products. to exposure Chinese exclusive completed AIA strategy growth China in we opportunities deepens Blue Post Life, Cross our acquisition the further In Our new enormous life by with the advances in January market.

Postal CPL current financial their to in China. Beijing, mass Our signed this market year. quarter the underpenetrated helping advance with the of and protection our Separately, has support team footprint, begin China AIA Savings launching second distribution a they agreement as will bring is experts which strategic priorities that covers we in in of already Bank to geographical

region. play growing announced AIA's accelerates business. wellness in new health a Asia's our to the care right to Health, positions AIA rapidly We Amplify the group transforming the Amplify role exceed strategy recently health accelerated Health leading is insurer $X for and and underpin potential digital significant capture tech expenditure to adoption, markets The health opportunities consumer partner. Health. journey new is also and strategic health our delivery in across from This XXXX. expected in Total step combination from natural significant the across tech tremendous digital health market. Amplify unmet for to health in This AIA's payer new demand of next advancements unprecedented a trillion is time

health AIA's of leveraging Amplify brand, the technology execution Asia. combination with and more Health of unrivaled will are wellness IP, Discovery's and We powerful capabilities which decades across platform distribution and own three than proven strong

providers key health care transform to benefits. insurance to individuals, for us I'm and advantage improving AIA, helping patients will outcomes business Amplify financial and payers communities. and experience, Our that health provide corporates grow how new for another competitive confident is yet deliver Health delivery, vision and value

to pan and long-term material a vital have we we sustainability societies operate. in products in for role play Asian life of issues largest insurer, ESG forefront nature at to of safeguard our day. every The do each which a and we places health the As addressing better future the what the

by zero committed achieving have net We greenhouse XXXX. gas emissions to

is of the and the targets Importantly, targets ambitious of ahead to in latest we industry ambition us our the initiative leadership human reduction governance, portfolio, including set to sustainable we the this I'm working number progress seven we are from co climate schedule. deployment proud divested fully management has investment global using AIA's have made and a science-based of science. and Critical with earned that, corporate recognition. risk areas, years have capital emissions

millions financial management more our sustainable plans. better, a to longer, through transition our details we the people the will more more take and better much there's future, Garth while support helping we capital do, lives. of As now confident healthier, that performance live I'm you can

Garth Jones

demonstrating Thanks, the deliver Siong, superior value. delivered has AIA's business of our performance the opportunities our and Asia everyone. AIA key that growth immense and shareholder capture all us morning, strong financial and good Yuan financial with and discipline across enables unique to very across growth a power broad-based model XXXX, financial In metrics,

an Singapore, very take products substantial XX% the restrictions of Let a you differentiated AIA mix first grew strong me that to margin the travel In XXXX, by higher supported billion. than came the bancassurance of domestic exceptional accounted Premier and heavily growth Agency channels, our quarter. more increase detail. towards strong channels. VONB by affected by China reflecting VONB more China's performances VONB more XX%, for strength in the very productivity across delivered now that AIA This majority regulatory took market-leading in-branch Thailand supported weighting change AIA with in impressive margin. XX%, XX%. activity, by in in bancassurance In growth $X.X protection-focused segment, agency channel. group producing and we results proactive of Hong to agent meetings all Kong delivered with effect protection our a through in VONB also our the strategy and products the customer the supported drove unit-linked Traditional and international both from incomes. our shift February, AIA growth demand increase grew in on product of our accelerating

latter However, was pandemic helped supported delivered in of overall. and AIA VONB agency to as other and measures part X% the half growth increased growth deliver XXXX excellent containment tools the the Malaysia VONB growth growth agency adoption by strict of due double-digit bancassurance. the in results XX%, of strong first digital in for double-digit both from sales markets in year. moderated

prudence reportable shareholders of of of VONB exceeded an product All growth ability in the quality AIA, the of to also our VONB positive differentiator deploy key from Protection shift Very further outside the the share We operating XX.X% future a items $X.X strong reduction accounted and EV of comparable a for products in These points and in the on dynamics acquisition to before the $XX.X from Closing Equity Equity performance. of group Thailand. unallocated margin value resilience future Hong successful positive reserves overruns. increase over group's business in increased capital as Non-operating million XX% office assess of market in group EV the supported long high on is further of of prudent government results EV percentage in shown to based pre-pandemic record of our the Kong $XXX grew bond and billion. following factor track create record a the a VONB, total, supported compared capital and by term. increased new portfolio, and movements shareholder and a additional increased value yields the business. embedded AIA variances demonstrate the levels. in Strong to in and to segments increase products our the VONB margin X.X billion. value to billion $X.X billion result quality expense operating was dividends product product to mix, expenses. the our with basis capital after by for overall. of unit-linked added operating an XX% deduction and positive PVNBP confidence billion of $X for of high launch while growth in XX% for experience major for a sustainability higher present profit actively in-force basis. XX% our $X.X the demonstrates positive strong assumptions our including

than continued and to persistency have were experience, a favorable other claims following IPO. since Overall, in and pandemic. as assumptions, with billion morbidity our more the reverted We benefit variances variances levels to normalized medical were operating from Expenses EV more mortality added positive. result while in to of unusually line broadly XXXX, $X.X which lower claims

Our and trends aim short-term yields over uses time out to spot which in volatility long-term our market smooth assumptions, markets. methodology EV to

the shown sensitivities immune on that movements, capital results discount cash and not earnings market this increase market by corresponding Higher is a from in remain have short-term our to volatility. the sensitivities flow offset you positive is in can impact AIA yields while resilient While financial a against risk our see ratings. EV

rates, points allowance We the our risk for a the than including basis have with a group, IPO. used substantial consistent more since risk in XXX for discount levels of premium

remained have over You prudent the can that on chart the time. right assumptions see from our

tax earnings. billion, by high-quality was in underpinned group's of management X% after-tax our Now withholding increased by of Kong OPAT $X.X and China as exceeded for for was X% in-force sources growth The offset during the claims. by proactive exceptional withholding AIA experienced adjusting growing growth pandemic. and to also and Hong X%, moving China underlying tax AIA billion. operating grew the portfolio. normalizing to IFRS increased profit X% business earnings our Underlying medical $X.X by claims exceptional by and

stable. XX% from Malaysia portfolio Excluding OPAT by markets our partially increased Other while Thailand these growth XX%. claims. and XX%, mortality very by was of strong Singapore as broadly growth items, increased offset grew was in-force and XX%, delivered by

As covering diversified markets, Southeast segments, of with our XX% Asia, across with four OPAT the producing group well VONB, total. is the mainly

diversified Since and and payments billion in also insurance equity the equity a XX%. source annum to IFRS the dividend change for with clearer shareholders' Our this accounting provides bonds. the than earnings allocated equity of billion, Shareholders' IPO, reflection before of are by XX% fee-based profits accounting by underlying close treatment increased $XX has of per $XX.X of to compound to after more shareholders. is allocated drivers

to profitable profit can our on focus to around you operating net over close As profit, which added see, demonstrating $XX is has cumulative billion long-term shareholders' time very equity, growth.

economics in underlying cash accounting report of allocated [Technical solvency business. LPAT metrics. to does aware or and no measures shareholders' material And IFRS affect change we XX. consequently, under our not embedded continue you're change will flow we the our value, The standard expect equity As Difficulty] to XXXX,

are highly and preparations, advanced year. further later and our we'll you in operations, We systems with this including details provide

capital of any a The solvency a insurance view requirements. resilient measure, consolidated business Finally, business. principal local and and to fundamental is group's dividends. taking solvency the regulatory LCSM position Maintaining is fully strong

$X after XXXX, Non-operating ratio reinvested and And growing and appendix. by and $X.X is billion generation surplus the further China reconciliation sensitivity committed new inorganic Our billion through the the opportunities and Life both billion a very BEA increased high-quality Free our increased and in business by resilience before we in LCSM Post than increased surplus of investments $X.X small, billion, items acquisitions risk our the partnership. X% $X.X at The to payment to mainly usual, a by capital. of also our three XXXX, equity adjustment in to to in on and management. provide dividends. XXXX. a we $XX of surplus billion free $X.X clarity dividends strong surplus for billion, the XXX% the LCSM $X increased surplus regulatory balance interest cover end relating interest of ratio cover between to free free increased In rate rate reflecting more areas shareholder payment movements movements. billion. surplus of Underlying after sheet received positive from Overall, free shareholder of critical our we as

was a group-wide supervision first The new framework.

to business. new The specifications risk-based basis second our that Kong local was the Hong capital technical applies the for

for we effect XXXX, expect While from this is expected basis And to adoption. subject of take the the approval, to to new applied AIA apply regulatory has beginning early from XXXX.

show remains future China as the increases billion Hong best underlying by business surplus new capital Finally, how distributable while The group's group's of generation liabilities capital be our estimate risk-based sum the the effective update financial $X.X billion but free increases on needs, clarity said the follow increases reduces metrics. our earnings now for more by Free ability Hong AIA RBC our in surplus across AIA's Hong and we profitable We aligned and XXXX. for businesses increases believe capture as of Kong to to means our basis, on basis worth greater delivered closely while net C-ROSS Volume provide robust became on $X.X allowance substantial and economics impact will prudent, in will to results, on very by billion required Backed in-force capital At internal surplus move the material that financially the opportunities an our progressive December on and calculated our liabilities forma surplus. by plans. being to IFRS by periods around now as from $XX.X risk. regime XXst X Together, free lower the for explicit framework. are and $X.X discipline, a slide, as the we cash our manage expect no adjusted reduction dividends of deliver business This a interim financial the sustainable group's billion, we generation. On to required the embedded China and competitors. the earnings RBC our growth, this on in million accelerates partly the payback by growth to retaining the value $X.X billion our because of $XXX into forma that surplus capital while move Kong Overall, is capital. these the VONB effect to Kong mean key Mainland come providing financial pro or new would regulatory position. result. management from EV has with expected a to of XXXX, under quarter. We has in either developments that changes flexibility back regime and shareholders. huge strong first material to sufficient our we shareholders by us return to in metrics. growth a not free on a at I do our unwavering to apart offset an strain that pro We reduce sets VONB management short We focus capital change this. free that surplus is look pay no solvency

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providing resilience, AIA financial organic in required balance has the has surplus shareholder financial while absorb and fund We have key in our a inorganic is surplus, represents capital stresses capital broadly and A is with to that strong future diversified free shareholders growth the funding sheet, followed driven sources. with flexibility. financial liquidity and to and free time, strength measure for Over increase available rating very discipline robust which growth. our significant

key all very is financial As you our can see, of AIA's measures. across strong position

available attractive we're is of business. Since ongoing management profitable new us, economics VONB writing. superior financial we of by have X growth, capital Through over times. IPO, main our capital the steadily we've to efficiency improved and highly business the on the to the priority returns with delivered the both business, With grow increasing our

with Our and XX% investment, new XX%, IRRs well periods. of business as achieved has XXX% percentage of payback VONB, consistently to and we over have a from reduced shorter

new produced of high-quality over successive have traditional mix, business and virtually We earnings VONB long-term and have a generation savings. product consistently time. of from protection cash diversified And premium regular in all coming profitable with and our strong growth cohorts

dividend in annual have HKD Board will continue X.XX increased for for also The Board group. of future progressive The billion our share, and per We of flexibility policy, up And established since has by X.X growth have opportunities the to execution dividend, generated the financial sustainable year and shareholder our X% consistent and the model times surplus XXXX, IPO. final since financial dividend in to discipline close increase first free total prudent, the the dividend bringing growth AIA's the to our follow dividend recommended XXXX. the allowing for an of of additional $XX profitable X%.

in our partnership our investment provided and and XXXX, our market-leading BEA. including our partnerships investments position. new China our growth, organic profitable strengthen billion billion strategic opportunities. with selective IPO, new value maintain This strengthen identifying advantages investments accelerate in access $XX business, strategic $X and yet with our competitive to of growth Post the inorganic that take on active accelerate bancassurance in We includes invested invested billion our to pools. While to and and financial $X.X Life with priorities, be advantage continues approach over strategic an focus helped to highly capacity of have adjacent we Since

the represents the flexibility up allows paying billion over on enabled in Board surplus business free of to The us. through while financial all to is years buyback dividends, and have billion AIA while three of pro our unique significant approved to that this to capital $XX that us discipline shareholders and Our a of billion retaining strength of program. $XX to has This a basis. do capital $XX.X and a continue opportunities return to forma share surplus needs, to investing growing model available financial accumulated

soon this We expect practical program following commence as to the as announcement.

delivering conclusion, XX% ongoing by increased and ongoing segments. We of group's periodically cash. another We deliver by strong VONB the to our commitment group our as assess growth of reinforced results has up year billion dividend set needs will reportable the returns $XX produced was we in shareholders. our shareholders to with capital and through we all aim growth, for earnings the XXXX, sustainable have In in and optimal a X%, to our buyback. our very

hand demonstrate to again once Yuan Siong. AIA. the qualities results I'll of unique back now Our

Yuan Siong

XXX% the Thank attractive capture you, on and ownership growth in region shareholders full Asia, world's Garth. the life of allow focused AIA our to for structures is our for economics us insurance. most

and including unprecedented pandemic COVID-XX with of resilient, and personal forecast and of The propositions, driving creation. solutions. billion brought population long-term X.X generates XXXX. and Asia's wellness AIA health care by retirement middle and protection, capabilities economic and their leading financial lives, digital to increasingly class efforts, using wellness across populations prospects strong daily health structural are growing mind. The rapid in our these and helping businesses where life, differentiated demand Vitality. trends top rise Consumers and immense wealth has engagement for AIA accelerated spend remain strong is increasing the health of drive markets, has online potential growth, health, and wellness to aging compounding many

and with shareholder sustainable on strategy record structural of deliver aligned strong Our to fully is our drivers build track us the value. growth, enabling

total for me history basis, markets. Thailand, number one VONB, AIA on and the by are Philippines, Indonesia and together opportunities growth potential Let businesses available our ASEAN. one-third starting ASEAN. Asia AIA Vietnam, scale a AI each long how in this Singapore ANP. across capturing you with adding regional see part our group's of take contribute We in we to through the significant has of a with Malaysia of enormous ranks

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as activity Kong AIA agency in grew in We significantly travel. business for for Guangdong leaders China's agency number the than growth And sales in increased ranks the also cities the GBA agency management. capacity Macau, doubled three in future clear expanding leader and province. Mainland Macau. more of result of to In new and visitors top Hong we the are our a

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Our advantages a and a and position. And in a powerful with significant we financial as position strategy drivers growth. unique is scale, result, aligns competitive superior delivered performance. our AIA of have these strong

superior scale confidence. shareholders We to large you. generating and and Thank have value our strength achieve and with profitable growth, the financial flexibility sustainable for

Lance Burbidge

to the Q&A session. now We'll move

usual, in conducted other [Operator Yuan Together Instructions] Chief to Executives by our and Regional committee. As Burbidge, Also of we group your Chief available this Kong, Hong Group. be Relations executive I'm our have Garth. We're teleconference. take ready questions. members and AIA obviously Officer for will me with Siong are Lance Investor

the can you So please, operator, start Q&A?

Operator

Jiang Thank you. Q&A go Ladies our Instructions] Our comes and session. now Stanley. begin will first gentlemen, Morgan Jenny [Operator from question from we today Jenny. Please ahead,

Jenny Jiang

out very for surprise done Yuan market. And Hi, a a laid really, set management. really well Congratulations to has lot big the the on other think past. And promising really strategies And strong really, the long-term I results. also. is buyback the the of Siong of has business in

business market. can see steady at XXXX, Kong just weak is about on maintain probably to China, look you Hong the recovery we more from quite from second given us, a this plan to and just at little here share The question moment. growth I probably bit want for if COVID? there However, be How both

difficult Kong time the I going unfortunately, Hong is massive a with pandemic think, outbreak. very through

Kong for consumers to are and So big Thank a over we it. standards insurance product the medium Or Hong this? is mix issue That's not term? our the life incorporate changing this of rising business, you. the

Yuan Siong

you, Jenny. Thank Okay.

our we As are very see, XXXX pleased with can all you results.

ability to a of While the in delivered across pandemic -- of And all -- for set in our continues results, growth total VONB sustainable broad-based across in remain XXXX, impact growth XX% segments our our reportable markets very and in confident year. we demonstrating deliver many markets. the of our our to we strong of very, strong

bear this mind. but Now -- bring need to also in -- I

think increased in growth as infections some weakness. the of wave Omicron spreads as markets. I sustainable emphasized, across our ability we wave the But moves our temporary Omicron strong many remain pandemic we through deliver our I markets the with As markets, -- to across our will across confident and see

to the year, also one-off an in fact fire with that seen definition. can sale the need point last I and to be the think, CI in that China isolated change I there's Mainland

also some achieve expect going deliver able I see to to do temporary our we expect results to will Mainland Chinese be think to and But we weakness forward. in overall, continue market. strong So

pass on can about question I maybe Jacky to So to product mix. your I talk about think

Jacky Chan

Thank you, Siong. Yuan

and to product First growth activity we double-digit of all, want is in supplement XXXX, very our diversified our agency increase that also Premier mix increase through differentiated a Agency further. driven productivity. I AIA in China force a And in

first quarter, some with also both product long-term a long-term units new saving saving and So our protection critical our product start actually product. retirement involve ROP a

to deepen Agency, existing also and a of So product our of Premier very help wallet it the share is customers. diversified for mix

In customers, long-term fact, bought retirement bought who saving majority of high our those product, protection product. already who the our

situation diversifying a the give understand COVID domestic We to know did to current we across business here's for the both this is you first about mix in AIA Kong. segment. I all, more would And of Kong. product all share Actually, Hong with sense China. in are And MCV -- Hong and So you well. support. segment that, providing our like Macau very it's actually to

further MCV on the providing take year. capability is Macau this higher Our capacity in to and business

you the on case Hong So the in Kong people. mix in also product And some in the are impact our have domestic, we that of may really supporting this expect would round. shift

staff the et to in sign [ph] And shift full want XX agents, the more our I by for insurance site all cetera. our cetera. non-face-to-face et test further rapid to easy say easy that doing million those selling provide and both under cetera, people to our can imagine full elderlies kit, et non-face-to-face And kind And product we insurance everywhere. restriction, industry the support Hong opening the classes you and to temporary support authority all support thank to has you through the who telemedicine, already Kong distancing our to community the agents through of HKD this also up measure support So we relaxed privileged. our social using of

during period. support this will that interim So

And force, the Kong-Macau this China kind agency has Hong we the believe well and Mainland a the we situation. the positioned temporary is Siong mentioned, are Kong As opportunities long-term our Hong Yuan both of market. the and China, to in capture have both

Garth Jones

question, please. Thanks, Jenny for question. the next And

Operator

you Thomas The Thomas. your question from next question, ask may from Sachs. Wang comes Goldman Thank you.

Thomas Wang

questions side. morning, Couple you opportunity. of Thank you. for Good my Thank everyone. the from

you how the Firstly, And share thinking But acquisition and Cross that? treat Blue a [ph] around share the I in and Kong Hong Care. welcome just can the buyback really between think maybe what's higher dividend certainly lease on you then do in your payout Or share ratio? Blue probably I buyback.

Is behind an -- to off-line at share our the general Thank that's will service this mean, insurance can acquisition that? trading is the I interesting -- So look you. going license that you acquiring a medical something to thinking you something and capability. this markets. us

Yuan Siong

Okay. Thank question. your you for

explained well-defined we Garth a framework. have his in very management As capital presentation,

obviously is focus on Our maintaining.

progressive to Firstly, of also for prospects of that are the the structural of in, fund balance prudent, growth, long-term new in support to M&A growth. many continue fund long-term disciplined the is business markets very resilience and profitable we policy opportunities our There we growth confident priority us the sheet are our dividend to of activities. operate sustainable which and to

hand As return way excess Garth capital, I'll explain. we to over to the to

Garth Jones

we'll if And surplus in into since any about Siong, over it's the to then capital think the there's of we excess, our we've to this needs. we and look our ways that the Thomas. that up capital excess first if way many for assess again thanks, We the announced optimize our Yes, that free that further is it, Yuan at And that think buyback look of can which about that if the We if shareholders. in sufficient years believe way which is is with our stock. the in is the This done return text today. described -- has we we've And been is periodically Thanks, accumulated Yes. we is needs. you -- buyback. built seek it it, returns that way and the obviously then IPO. we'll

a the as that's of question. ongoing than said, And terms On being in we prudent, and about in have a the dividend Siong history dividend. track Yuan how we sustainable, stock think rather of dividends progressive growth

dividend we dividend increase can by in the X.X XXXX. in again, dividend. so another we my from that, increase that I first see we X%, substantial times look again increase And very as when in the our at said And speech, the

reflection So of I sustainable and progressive that's a record. prudent, think track a

Yuan Siong

Cross, On Cross we several your a I inorganic about Blue of the one months. or investments made Blue right? is question that last over M&A think XX

inorganic will can strategically the I a in and up have opportunities our these to deliver build we $XX able that almost we think the months. financial surplus us. acquisitions fund so that share targeted to And to or billion to invest sense, this can you over both program, see, make financially same continue of be very position buyback XX billion $X.X as strong position we last actually time, at

Cross in acquisition capabilities health in the opportunity add the -- in healthcare of as spend of represents in is think Healthcare, is healthcare we will terms participating currently, I space. see healthcare AIA Asia. in the opportunity, And are player we the space at trillion the healthcare the huge of a private to And IFRS Blue XXXX. our healthcare Asia. US$X in insurance in looking leading

In first specifically, to Stuart about Jacky to terms Bank firstly, talk healthcare Stuart Asia. -- talk to then the talk Jacky East bit it a also our collaboration extend -- overall. will and and of of I'll over this missions to maybe then hand our with on -- about

Jacky Chan

Siong. Yuan you, Thank

very pleased our cooperation with to are deepen of Asia. East Bank have We

both fact, we up, And and in our that XXX I BEA bank BEA, and proposition is cooperation Hong health sustainable you over that will bring further our GBA market. Care and healthcare And Hong ecosystem in major the that believe, years In of AIA this momentum, across from happy also and AIA Kong Hong young the a very will trend also with which local And the area. healthcare should area. are note acquisition are Kong insurance Kong market. Blue the Cross especially Blue the growth in come can the

So it pass to maybe I Stuart.

Lance Burbidge

hear you, Stu. can't We

out the to next and sorted the we've question Let's move sound we'll issues. on once come back

please. operator, can So next the do you question,

Operator

Credit from Thank you. The Suisse. next question comes from Charles Zhou

question Charles. your now ask may You

Charles Zhou

is and everyone. questions have China. Credit morning, Charles Good are both two Hi. Hello. related I to from This Suisse.

see seeing and we many least First some even all, categories the have we're think sectors in hope I market, stock current glad expansion. I China But we are policy of think the and the such tailwind also at policy sanctions. AIA, multiple other for as for still

-- almost said branch. year two passed China. to plan the And you year establishment since has one branches think that to has for per sorry, you've I approval past Hubei announced one establish in the the AIA or in in

new of transaction. the So Post some question. -- branches we this case about year. my hope China second question Life And and actually have we is the first is so this is This

far? company due you several establishment any so capital product structure share the may since consuming. about capital have which mix, is can you you has So details that as this rounds And of program very know, very, to

to wonder -- So capital more to more that in your inject will of you. I of you needed? in need churn-out just in of continue they profile, annual turnaround slow kind be capital margin capital kind terms Thank making more and

Yuan Siong

Thank largest Okay. VONB. our will to continue on Charles, for your our is largest Move China. you, contributor contributor China question. and to be Obviously,

that has Mainland model challenging we and which a conditions. business successful results is in China quite in very are XXXX, market with differentiated have and pleased very delivered our in China, We the

advancing China subsidiarization at AIA I think strength and this expansion resilience Since geographical China. been we the our model in and quality of proves the Mainland of operating have in pace. our XXXX,

services. shown very the grateful of which for our they they've that are in We to to support have pace new terms the the approved with license AIA regulators

provinces in in And new about regulators As Sichuan, you beyond. we the into future and into sales XXXX and Hubei. expanded discussions to recall, we our office are And to we upgraded Shijiazhuang expanding four recently, close with Tianjin branches.

quite like in highlight in the that fact There cetera, Jiangsu, footprint. I huge footprint existing headroom in existing successful these our locations a very we would for penetration is our the geographical well to China in still I AIA geographies, Shanghai, think our also as for our growth -- in currently, market these future et the business is target because low. in whilst have in

Now, Life. I Post then China, we'll Jacky to question and on China to hand the take over on supplement up

Jacky Chan

Yuan you, Thank Siong.

this is getting market. know, industry good have Mainland Yuan a regulated financial China, been you we In long-term That a is pointed industry. successive is just the insurance Siong because customers As life as approval. the out, always for in protection

get a into a You'll in to year, SSC we approval just October sales XXXX. also, to launched approval And and central office. we recall and got to sub-branch. operate province. are in then And into a upgrade the also got Tianjin Hubei recently, our was office, January the to and business in And January into also Tianjin branch of Sichuan the service February, upgrade center the Shijiazhuang the was we last our that operate March the got approval -- Wuhan, able year, on, our in that last branch later we branch

areas. see So in successive all that movement the this the China expansion continue really has And been Mainland we to cooperate we very in in regulator with a market. can there the closely

And far, say would very dialogue. has been a positive so I it

Yuan I'll Siong. to pass maybe it So then

Yuan Siong

approval think period that approve is from actually over a fast regulatory all a which such getting to needed, that just a I the for final completed we transaction. we CPL, half did bodies On investment this of have very paced over And very, year, our approval a transaction. it

regulatory grateful that the AIA. approve transaction have the to support for had this the we very bodies government all that China, shown again, to they are, in So to have authorities

And analytics. we product senior office. digital when since and one of Actuary management, team help now management liability, Group already actuarial small, IPO, by experienced are who of Chief has this obviously, in led in been our explained team in AIA our we to a matching we for mix, he's announced place in Actuary send be -- areas financial them CPL. capital CPL investment, will year. and of insurance was and the working the asset technical experienced assistance and to highly very team professionals last help seasoned, technology, And other As like the would Chief end of very including in since and And Group management, Beijing distribution management areas, focus terms the investments high-quality, the

can share is on the Thank CPL you. what this now. we investment So

Garth Jones

Yes. Perhaps Charles, just to add to your specific question, yes.

the I very see from received healthy because AIA, improve end account into capital further. will think CPL you'll reported And if a solvency look, contribution of at position we've it that final approval you take that XXXX. in the doesn't which January,

expect to we improving its matched. And it -- CPL is solid don't and product put more CPL. seen So, We've well its into book progress short-term capital relatively in mix. clearly, back

impact. have Yes. So C-ROSS shouldn't X big a

Lance Burbidge

Okay.

question, health. can Stu we we to I next get back come on on Before to the go think

Stu Spencer

Thank Blue health opportunity multi-trillion strategic dollar Thomas. And comprehensively we is a by fundamental it's much, of a Yuan for a Siong really in for so indicated, for care segue more patience. the particularly and Cross, a that direction about your on terrific in you broadly Thank as markets ambition the had the And Hi. and XXXX, group. a global talk to question taking And operate. which component in it economy. is imperative as fast-growing which your you you Yes. we're thank

by on population, brought growing is surprisingly, those increased the burdens and drivers not Asia, disease by pandemic. fueled wealth, Now structural aging demands rising growing the and of fastest,

for multiples Now, this significant it's participating marketplace. value generating to for creation, in what are high And high see and these really important returns trends those emphasize across affordable urgent who role. opportunity are me because playing we the experience And We Health need is drive Asia are a franchise massive care. a juncture this there's deliver already AIA major where fundamentally this, pan-Asian better the corporate health at insurer, is, millions this seize have if fundamentally at in better we and leading we to level. better to health see both we really the future of more individual that covering may, simpler, Amplify okay? health health better, And outcomes, group customers I better for recognize a AIA, shape economics, customer care, of pools care to positioning and value as these transformational

health imagine, time. and So on leading pan-Asian provider insurer HealthTech adding at same leading the the the and creating InsurTech pan-Asian

possesses powerful Discovery's in is value-generating And So and core, on we proven and a and see combination. decades platform health Health it's its supports as IP. of health very, InsurTech And HealthTech at insurance today's state-of-the-art built essential technology wellness very that three private business. more that a this Amplify all processes

said all shared improve engine, ecosystem, data and players is for and Amplify think growth, whole as with Health system, we So going for in to to support analytics productivity stakeholders enable patients and payers, and the I create before, value the its alike. providers real

health insurance services see you. our role value, insurance and Amplify offerings pools. benefits, Health opening term, across and to and AIA, the value clients and and new into by say services opportunities for in Asia. also AIA we business, of HealthTech becoming substantial up from third-party I the advantage competitive So see significant to new our as while And a excellence. and supporting to more integrating crucial growth opening AIA's it financial indicated, health provision helping further is crucial Thank this delivering services InsurTech a differentiation as incredibly own complementary health we care additional going critical grow Siong to business Yuan driving business play should immediate technical proposition that

Yuan Siong

And the please go can operator. next Stu. you, Thank we question

Operator

JPMorgan. Please question Thank go Kim ahead. you. MW The from is next from

MW Kim

Blue and question There on National comment a Hong so on everyone forward. performance. health opportunity Kong acquisition thank morning and about and was strong in ask positioning congratulations you moving much Cross very to for and on Good strategic the technology the

want ask So, across whether the segments to Asia insurance plug AIA general more the basis, that intention domain. the business business scope expanding I of to on has in

about is XX. second The IFRS

sheet? disclosure the we good key metric? as new would liability the disclosure indicator existing Thank XXXX And business capital So, and Hong XX lift-based estimate do expect from reserve margin on balance best AIA contract also, estimate the post leading in you. ongoing IFRS value be the the Kong, to a liability service

Yuan Siong

for Kim question. you, your Thank Yes.

I pleased ambitions health insurance, are and of As general be especially think so explained health we Cross on Blue license eloquently do provision insurance, Hong we of I insurance in casualty particularly other focus a Cross markets, have and also very recent for said, That in of in Stu Malaysia or a number have insurance several think care, we do insurance will license, and we license. end a insurance. markets, Blue property Kong, general the including acquisition Blue with Cross. -- our health general the in have the Yes, has

talk hand how about these more customers we aspect think and that licenses over can assess cross-sell help to point using Bill upsell even to. I to at we maybe to our are I'll this

Bill Lisle

and Thanks, for question, MW. thank Siong Yuan the you

us new Asia, -- very Just new access the customer question, with still on combines best-in-class if segments last launched which July wouldn't the we're platform we our excited giving our about to intent working normally year, partner building while digital And to. across get partners days, this that in you demographic access channel, digital early this. P&C we remember,

XX even though through days, onboarded partners it's XXXX. we've So, early new

to recent right You remember upsell, [indiscernible] us XX accessing True the India; potential agents partners scenario-based simple And to in some partners of of into Malaysia. put in Shopee Vietnam; them These and our and with be we're us those to customers bring most in lifestyle-related, one XXX alone allow Tiki, them new of with Digital, them, access for match our Malaysia; Practo in over that Group ecosystem, our through omnichannel those cross-sell. Thailand; million Digital customers very give propositions customers. type able

kind Touch we've we with launch, proposition, Looking and we them And acquired some XX,XXX at our cover, for our which months over had the short digital time, XXX,XXX cross-sell and fever partners, shopping the first topical. Go a three around policies place protection space into a WalletSafe Malaysia, new very of put two launched cover obviously, match is propositions 'n in and the access, more over market. upsell, now in in to And within simple customers. that right ecosystem Similarly, can its first of agent recent we COVID dengue very of in we've opportunities. bring

it 'n best-in-class Tiki partners, our a again, with days, in platform that recently to rolled markets, but partnering We've in year and the We've And opportunity, we're or Malaysia. Tech. markets. across ZA So we we very with Malaysia with with as digital Touch Go. got rolled still it expect this expanding now consistent early and with out in continue P&C of tech four another partner Vietnam using we through three out starting rest four

early but exciting a days, So very channel us. still for

MW Kim

Sorry.

Yuan Siong

for preparation over very the to transition XX. hand a multiyear our well about. preparations, We’re and to advanced I'll IFRS project, embarked very well and talk in to advanced we Garth We've in are our

Garth Jones

Yes. Thanks, Yuan Siong.

of said, well readiness. still bit the operationally exact on moment, XX. you we're preparations both As the At our a in very our early to comment of terms impacts and advanced in IFRS it's

continue also will equity our I so a What reporting will be in the sort basis changes. a It's based made, that business, in but in calculation, is that operating the value to profit But and VONB, we that doing and though just run on IFRS tax XX is capital later the and allocated no year it shareholders' will and because will we we'll back metrics impact of fundamentally, the really way -- after on is the impact the see come the what think we'll of that fundamentals of only be change clear have business. be with and there'll it's our be the cash doesn't which on not under so there XX. economics IFRS embedded we we further details. the disclosures

Lance Burbidge

means, all want come on to MW, to that. if And Okay. follow-up me, you by back

please. question Next

Operator

next Thank you. ahead, HSBC. Mistry from question The Kailesh comes Please go Kailesh. from

Kailesh Mistry

questions. for morning, everyone, my Good and Hi. thanks taking

X on Slide China. is one on First

like Could from agreements four, now? from You open nonexclusive. long overall -- how looks Postal it with associated is outline of you represent growth it's on And bancassurance highlight Chinese sorry? the What for the just costs do Second they XX% question it? provinces. Savings the so MBV new proportion Any arrangement. architecture,

with? other So, question who guess Kong I is on are last RBC. that there. the platform you two that things Hong competing And then be on the players would

upper end many you another that roughly, would of consider on appetite annum? an the point And annual RBC, points i.e. be accumulate do you secondly, solvency return risk what how you about on Thank think on Firstly, at whether your you. what per basis, would capital?

Yuan Siong

Okay. Thank you, Kailesh.

know it a playbook new the to made. operations. new when we have on the First, pleased comes with well-developed think we launching our progress I very are operations, I

got be have said, Yes. And these I -- very operations in existing our the not contribution you short when were before material As Sichuan compared sizable, got took our at at branch. branch such business to can established a still new very all Sichuan time, to activity -- time. period operations we us of our to seen able well. the years of Hubei material high-quality four long-established And four a in overall same levels that we able to launch, approval become see, period the -- compared our to it launch will the as months for the a the can as months to were But -- graduates, branch, we able to the new the XXX were AIA China's already new a -- branch college agents to with operations productivity to geographies, and new and to get few high short and and the point overall of China Sichuan operations close we very close think launch AIA of a we business. five have

on and -- market that there provinces, expand in think growth of within second-level province, we five add put from geographies, sustainable provinces cities sustainable capital of this as I the province within many we are that provincial to for years as expand on way addressable would each as new support the we explained, times, see the new as layers will our strong we growth, which and markets we Mainland long-term add and the new is that growth target many we China. see new a will many,

Bank important into we that up a China investment we these obviously, be Savings and is the committee Life, collaboration. areas setting at the as we looking And whereby business Postal group, one also China further of Cooperation, mentioned when be Postal -- collaboration, will Group on will you with Postal Bank. the the Now Postal we AIA Savings announced recall, of opportunities for between this agreement distribution cooperation

more overlapping of are We focused segment operations customer on VIP the the -- in the we geographically. Bank where Postal Savings have

As you Post investment is in a our China investment. long-term see, Life can

with Group, China cooperation our the Savings a Postal Postal naturally, China long-term with Group, Bank is cooperation. Postal through So and

Garth to So -- and then I Hong hand over Kong on RBC.

Garth Jones

of and details the won't that, the those there'll position but go both calculation, and the our in well the basis. ratio on to local solvency, Hong denominator the in both will into basis, calculations. will basis, here, to change. RBC, our say RBC Kong group-wide The just Hong be ratio introduction remain On on obviously LCSM as as I numerator changes Hong Kong both solvency Yes. suffice the very the strong business, Kailesh, Kong

And position stresses very first obviously, And as our outlined the of numbers is lots I growth. growth, strong of see results, framework. our You'll announced to early the and description we is half out maintaining year. of internal the other we we buyback assuming, number a for to my and growth in which the that, capital least today a year and things that through will, and of come considerations, in half look are $XX far very opportunities to there is solvency strong thing a solvency in capital in expected, of the continue free as able one not adopt be deploy at, of But as maintaining we we're position. the will the billion, solvency as of then we'll eventually surplus critical the see

deliver shareholders. assess periodically we ongoing So group's returns aim and as capital the we'll our for needs optimal to continue sustainable to

Lance Burbidge

Next operator. question, please

Operator

The from Thank Chu you. next UBS. Kelvin question from comes

your ask Kelvin. may You question,

Kelvin Chu

I from on Hey, the thanks This Kelvin Chu is results. UBS. Congrats opportunity. the for strong two again questions. have

for The the first one the been Hong border Kong. closed two on Obviously, in channel is than more has years. agency

agency was last reopens your take sales year, Hong to visitors? addressing for question offshore If focus Yuan in of AIA of but some distribution who how a of point, is border question used long on how at your Another a terms in bandwidth? follow-up Your Health, demand to Siong. strong upcoming the Mainland about sales some agents is ready it Amplify does to very terms And what teams? build domestic specifically the on Kong

in expect AIA value a business enabling for providing add see digital to potentially most also do ambition And discover the in and your technology long with gradually JV? as in to which into care issuing term, So the towards you technology, what's model health strategy business do broadening better on areas AIA's service? you. your addition Thank also you the health

Yuan Siong

Okay.

with our we think I we that are in XXXX. Kong AIA Hong very from results the pleased saw

I force. agency by strong very think, by performance our supported very,

explained, we are of XX% As agents our Hong in Kong members. MDRT all

as now focus about and pass And the specifically So about force an the to to your non-MCV Kong. high-quality Jacky we focus. will most agency Hong border MCV I on have productive in talk question and on

market -- sell domestic we I MCV-focused before, to develop and to have to train explained agents well. as and As to domestic more as we think motivate the you a been doing lot our

maybe, So Jacky?

Jacky Chan

want XXXX on add Yuan I number a in company number in of And MDRT. strong over is X,XXX the Yes. worldwide a agency force Hong the Kong the force the just Siong. Thank to very is basis, MDRT region. that you, highest agency

you said, driven customer As business segment both the Kong in strong in also XXXX a Hong ANP and very double-digit agents, segment growth bancassurance too. growth the was domestic by customer with strong domestic

training, really to have and shift supporting over residing Siong the Macau, has in now, still who are of almost pandemic their our told As develop MCV Hong we situation, many to two this in been market. Yuan domestic agents years Kong focus

here, I'm et and support all customer, provide continue MCV that to very they an are to to happy they necessary say So cetera.

market. in Kong segment segment the time that see year. long MCV customer Hong Macau has the last been And also very Macau a say in would MCV you in in a strong I growth a segment So and

more come very open serve So China, Kong the MCV and and customer Hong once our will we segment. to ready to Kong, MCV is be Hong are border agents business between that Mainland, very the will confident the back

Yuan Siong

health very eloquently Amplify the in our question Okay. opportunity care on On -- see Asia. as Health, your explained, we Stu in

we insurance already potential. over -- we across significant our over -- Asia. the that for a on there's Health in in Asia. We which That we see years by business were that the Health significant and own care of initially Asia, IP Discovery We will are health help XX on growth assets the leading health we the see will through markets Amplify to focus provider developed other also that insurance across we leveraging of private operate health insurance accelerate was and AIA that personally developed health that has a years us Amplify

he So expounded opportunities think initial will that eloquently Amplify will I would also But be the think repeat the I I -- -- for he not Health. focus. on what Stuart future has

Lance Burbidge

Okay.

have Thanks. question. We more one time for

Operator

Leon. Qi Daiwa. ahead, from The go final question Thank Please from you. Leon comes

Leon Qi

very to for opportunity giving today. Thanks questions. much I Hi. the ask have questions three me few

The business. your been I think just a given first one positive China VONB on how... margin surprise basically China Well, has

Lance Burbidge

We've Leon. lost

lost the could second. there we a because for again Sorry, start you question Leon, you

Leon Qi

Sure.

margin. on First China question VONB is

about of having lower your in you life given penetration products, base just client think protection I launching presumably also and protection products talked margins. savings of rising VONB

withholding when reported numbers, tax the VONB margin been year, we year-on-year. unchanged last seems However, has at look the largely the excluding impact

last likely could are margins that ratio? self-sufficient? margins organically one our at to China to the lift else Second on an a the or solvency to we VONB have coverage do mentioned conclude. margin China a And So buyback? Or level for the more we revision, just staffing LCSM understand ideal we other in buyback. what the core share is if mix, on overall, expect help product And driving after terms you will of the to question, our in China? technical specifically Are what going comfortable expect we incentives Mainland accretive. this Garth But shares for them question doing of to buyback? C-ROSS factors the your retire change capital be also on unfavorable management do level, you Mainland And in be than to the understand use the us your are in ROE Trying management. to

impact over you to you in and the changed could us put started. usual, you And key these the to COVID like We in initiatives it whole industry has [ph] talked from would industry-wide new past AIA a think the to of insurance As China six, in TDA, Thank setting the changes I COVID when much. lot of are you into help and office Yuan things the since past the life overall ask seven relate health how Siong, the months. to if industry context just in of on you you how about ESGs, could and the changes and very industry. six also months, did all AIA mega health these initiatives if reacting took that

Operator

just and Please with shortly. connection we have we gentlemen, hold recommence continue Ladies and will to the speaker lost line.

Lance Burbidge

don't hear know you me. whether Operator, I can

Can to we'll Leon, questions. If you hear back come can, your me? you

Operator

through. can join hear I'll now. I you you -- hear can just back I

Garth Jones

your Lance, Well, What is we'll here, try do to do want hear then you will questions. call back and with we'll back you to me? Can again? you just to we'll close final Okay. come the Lance come you.

for and your dialing attention. Thanks. for all Bye. you thank in, Thank you Okay.

Operator

has you for Thank Annual end. come to Briefing ladies and Results gentlemen. you, Thank AIA XXXX joining. an

AIA Group Limited (AAGIY) 11 Mar 222021 Q4 Earnings call transcript