AIA Group stock faces Q3 decline as September rebound strengthens

AIA Group Limited reported a weaker third quarter on October 30, as exceptionally strong prior-year sales in Hong Kong and mainland China weighed on comparisons. The company said September brought a clear recovery and expects stronger momentum in the fourth quarter.

In its October 30 press release, AIA said third-quarter value of new business, or VONB, fell 5% year on year to US$1,415 million at constant exchange rates. Hong Kong VONB declined 3%, while mainland China fell 33%. AIA linked the mainland comparison to accelerated customer purchases before industry-wide product repricing on September 1, 2025.

September Rebound Improves Near-Term Picture

The quarterly decline masked a stronger finish. Group VONB rose by more than 25% year on year in September. In Hong Kong, VONB for August and September combined increased 20%, with growth across customer groups and distribution channels. Mainland China agency VONB also returned to strong growth in September, supported by higher numbers of active existing and newly recruited agents.

Outside Hong Kong and mainland China, VONB increased 18% in the quarter. Singapore led with 22% growth, Malaysia rose 10% and Thailand gained 9%. Other markets, including India, Taiwan and Vietnam, recorded 14% growth. AIA said the product and channel mix in mainland China lifted the group VONB margin.

Margin Strength Offsets Sales Pressure

The VONB margin rose to 63.5% from 58.2% a year earlier, an improvement of 5.3 percentage points. Annualised new premiums declined 13% to US$2,237 million, mainly because of mainland China, while total weighted premium income increased 7% to US$12,892 million.

For the first nine months, VONB grew 5% to US$4,627 million, with every reportable segment except Thailand contributing to the increase. The nine-month VONB margin reached 58.9%, up from 57.9% a year earlier.

Chief Executive and President Lee Yuan Siong said demand remained strong for protection, health, savings and retirement products. He also pointed to stronger agency fundamentals, including more active agents, new recruits and new leaders, as well as deeper engagement with bank partners.

Management Keeps Profit Target In View

AIA reiterated its expectation of exceeding its 9% to 11% operating profit after tax per-share compound annual growth target for 2023 through 2026. For investors, the immediate test is whether September's rebound continues as the unusually high comparison base fades. The margin improvement offers support, but the China and Hong Kong businesses remain central to the quarterly trajectory.

AIA Group stock traded at 8.96 euros on Lang & Schwarz at 16:07 CET on Monday, November 9, 2026.

Hong Kong equities remain an important market backdrop for AIA's Asia-focused insurance business; see the current market reports.

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