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Annual Results for the Year Ended 31 December 2020

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Annual Results for the Year Ended 31 December 2020 This announcement is for information purposes only and does not constitute an invitation or offer by any person to acquire, purchase or subscribe for securities. This announcement is not, and is not intended to be, an offer of securities of the Company for sale in the United States. The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the U.S. Securities Act. There is not, and is not intended to be, any public offering of the securities of the Company in the United States. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. AIA Group Limited 友邦保險控股有限公司 (Incorporated in Hong Kong with limited liability) Stock Code: 1299 ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 AIA REPORTS STRONG FINANCIAL RESULTS FOR 2020 VALUE OF NEW BUSINESS DOWN 33 PER CENT OPERATING PROFIT UP 5 PER CENT; FINAL DIVIDEND UP 7.5 PER CENT VALUE OF NEW BUSINESS UP 15 PER CENT IN THE FIRST TWO MONTHS OF 2021 The Board of AIA Group Limited (the “Company”; stock code: 1299) is pleased to announce the Group's financial results for the year ended 31 December 2020. Growth rates are shown on a constant exchange rate basis below: New business performance • Value of new business (VONB) down 33 per cent to US$2,765 million • Strong VONB momentum as COVID-19 restrictions eased • Annualised new premiums (ANP) down 20 per cent to US$5,219 million • VONB margin decreased by 10.4 pps to 52.6 per cent • VONB up 15 per cent year-on-year in the first two months of 2021 Operating profit • Operating profit after tax (OPAT) up by 5 per cent to US$5,942 million • Embedded value (EV) operating profit of US$7,243 million Cash flow and capital position • Underlying free surplus generation of US$5,843 million, up 7 per cent • Free surplus of US$13.5 billion • EV Equity of US$67.2 billion, up US$3.3 billion • Net remittances of US$2.7 billion • Shareholders’ allocated equity of US$48.0 billion, up 9 per cent • Group Local Capital Summation Method (LCSM) cover ratio of 374 per cent(1) Total dividend up 6.9 per cent • 7.5 per cent growth in final dividend to 100.30 Hong Kong cents per share • Total dividend of 135.30 Hong Kong cents per share, up 6.9 per cent Lee Yuan Siong, AIA’s Group Chief Executive and President, said: “AIA has delivered another very strong performance despite unprecedented macroeconomic conditions and the operational challenges caused by the COVID-19 pandemic. While VONB was affected by social distancing measures, we achieved growth in all of our other key financial metrics. Sales momentum returned as restrictions were eased and we have delivered year-on-year VONB growth in the first two months of 2021. The Group’s financial position remains very strong and we increased the final dividend. “Our first priority is to ensure the safety of our employees and support all of our stakeholders. I would like to thank our employees for their tireless efforts as they provide uninterrupted service to our customers, agents and partners. We always look for every reason to pay a claim and, during the year, paid more than US$16 billion in benefits and claims, providing vital financial support for customers. We extended additional protection cover to our customers and the wider communities where we operate, helping provide peace of mind in uncertain times. “Following the restrictions on movement and in-person meetings, we accelerated the development and adoption of online and remote capabilities across our markets. We introduced remote sales completion, moved recruitment, onboarding and training online for agents, and launched simpler streamlined service and claim processes for customers. These new capabilities have enabled our businesses to continue operating smoothly in rapidly changing conditions. i “As our businesses adapted and movement restrictions eased, sales momentum recovered and this has continued with 15 per cent growth in VONB in the first two months of 2021 compared with 2020. Our large and growing in-force portfolio with recurring, high-quality sources of earnings supported a 5 per cent increase in operating profit after tax and a 7 per cent increase in underlying free surplus generation. Persistency has remained very high at 95 per cent and renewal premiums received increased by 10 per cent. The Group’s financial position remained very strong and robust, as demonstrated by the Group LCSM cover ratio of 374 per cent. “The Board has recommended a 7.5 per cent increase in final dividend for 2020 to 100.30 Hong Kong cents per share. This follows AIA’s established prudent, sustainable and progressive dividend policy, allowing for future growth opportunities and the financial flexibility of the Group. “We continue to invest in our Premier Agency, the core of our unrivalled distribution platform. While VONB declined in 2020, we saw a solid recovery in momentum as restrictions eased. Our proprietary model attracts and retains the best talent across our markets, supporting growth in agency capacity and productivity. Despite a turbulent year, we have achieved double-digit growth in new recruits and new agency leaders. “While border restrictions severely impacted sales in the broker channel in Hong Kong, we delivered more resilient results from bancassurance, which contributed the majority of VONB from our partnerships. “2020 was a landmark year for AIA China as it became the largest contributor to VONB for the Group. We converted our Shanghai branch into a subsidiary and AIA became the first foreign company with a wholly-owned life insurance subsidiary in Mainland China. We have also received regulatory approval to prepare our newest branch in Sichuan and we are at a very advanced stage. AIA has a unique opportunity in Mainland China with enormous growth potential in both our existing footprint and as we expand into new geographies. “In Hong Kong, new business sales from Mainland Chinese visitors have effectively been on hold from February 2020 because of border restrictions. Macau resumed its Individual Visit Scheme from late September and sales to Mainland Chinese visitors contributed over one-third of ANP for our Macau branch in the fourth quarter. While overall VONB from our domestic customers in Hong Kong declined over the year, we saw encouraging sales despite disruptions from tightening social distancing measures. “Collectively all our other markets saw very positive sales momentum in the second half as stringent movement restrictions were eased. Our businesses in Thailand, Singapore and Malaysia delivered excellent VONB growth in the second half compared to the first half and our business in Vietnam and Tata AIA Life in India both achieved double-digit VONB growth in 2020 compared with 2019. “During the year, I worked closely with the senior leadership team to develop and implement a new strategy for AIA which builds on our existing strengths and embraces the transformation that we must make to best serve our customers into the future. Our strategy is centred on our Purpose to help people live Healthier, Longer, Better Lives and will enable us to fully leverage the powerful structural growth drivers in our markets. “We have three key strategic priorities. First, delivering a leading customer experience that is based on the core principles of simplicity, timeliness and reliability. Second, further expanding the reach of our unparalleled distribution platform across our markets. Third, providing compelling propositions to our customers and helping them meet their protection and long-term savings needs. ii “A step change in technology, digital and analytics enables transformed experiences for our customers, distributors, partners and employees. We are also changing AIA into a simpler, faster, more connected organisation that can support the delivery of our strategic ambitions. Our financial discipline continues to underpin everything that we do, supporting AIA’s track record of delivering superior profitable growth. We started the transformation of AIA in the second half of 2020 and I am excited as the pace of change accelerates in 2021. “While 2020 was an extraordinary and challenging year, it has made me more optimistic about the future for AIA. Now more than ever, Asian consumers are acutely aware of the need for financial security and the need to protect the well-being of their families, making our purpose and propositions even more relevant. I am confident that AIA is in the right business, in the right region and at the right time and we will continue to deliver long-term value for our shareholders.” About AIA AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(2), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau SAR(3) and New Zealand, and a 49 per cent joint venture in India. The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets.
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