AIA Group stock faces Q3 setback as September rebound strengthens

AIA Group reported a weaker third quarter but a sharp September recovery in its value of new business, highlighting the importance of a lower comparison base for the final quarter. In a press release dated Friday, October 30, 2026, the Hong Kong insurer said third-quarter value of new business fell 5 percent year on year to US$1,415 million at constant exchange rates, after exceptionally strong sales in Hong Kong and Mainland China in July and August 2025. The AIA release said September value of new business nevertheless increased by more than 25 percent from a year earlier.

High Comparisons Weigh On Results

Hong Kong value of new business declined 3 percent in the quarter, primarily because of exceptional sales in July 2025. The business recovered across August and September, when value of new business increased 20 percent year on year, with gains across customer segments and distribution channels.

Mainland China was the largest drag, with value of new business down 33 percent. AIA attributed the decline mainly to accelerated customer purchases before industry-wide repricing on September 1, 2025. The company said agency value of new business returned to strong growth in September and expects that momentum to accelerate in the fourth quarter.

Outside Hong Kong and Mainland China, value of new business increased 18 percent. Singapore led the listed markets with 22 percent growth, followed by Malaysia at 10 percent and Thailand at 9 percent. Other Markets rose 14 percent, led by India, Taiwan and Vietnam.

Margins And Guidance Support Outlook

The quality of new business improved despite the softer headline result. The value of new business margin rose 5.3 percentage points to 63.5 percent, supported by product and channel mix in Mainland China. Annualised new premiums declined 13 percent to US$2,237 million, while total weighted premium income increased 7 percent to US$12,892 million.

For the first nine months, value of new business rose 5 percent to US$4,627 million. AIA said growth covered all reportable segments except Thailand. Chief Executive and President Lee Yuan Siong said demand for protection, health, savings and retirement products remained strong, while agency fundamentals and bank partnerships continued to improve.

Management expects strong fourth-quarter momentum as comparative effects normalise. AIA also reiterated that it expects to exceed its 9 to 11 percent compound annual growth target for operating profit after tax per share from 2023 through 2026. That outlook gives investors a framework for assessing whether the September rebound can translate into sustained earnings growth rather than a one-month recovery.

AIA Group stock traded at 8.95 euros on Lang & Schwarz at 09:15 CET on Friday, November 6, 2026.

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