Yahoo Finance AIA announces 2% growth in OPAT, 15% growth in net profit, 33% growth in VONB for FY2023
AIA reports operating profit after tax growth of 2% and net profit growth of 15% in FY2023 and VONB rose by 33%
AIA reported operating profit after tax (OPAT) of US$6.21 billion in FY2023 for the year to Dec 31, 2023, up 2% y-o-y, and net profit of US$3.76 billion, up 15% y-o-y.
The value of new business (VONB) grew by 33% to US$4.03 billion. Mainland China, Hong Kong, Asean and India delivered double-digit VONB growth. VONB margin rose by 52.6% and 2H2023 margins were higher than 1H2023 margins.
Annualised new premiums (ANP) increased by 45% y-o-y to US$7,65 billion.
Embedded value (EV) operating profit rose by 37% y-o-y to US$8.89 million; operating return on EV was 12.9%, higher than FY2022's 9.4%.
Underlying free surplus generation rose by 5% y-o-y to US$6.04 billion. EV equity rose 2% to US$70.2 billion after returning US$5.9 billion in dividends and share buy-backs.
AIA’s local capital summation method (LCSM) coverage ratio on a group-wide supervision framework was 275%, 335% on a shareholder basis.
A final dividend of 119.07 HK cents per share was declared bringing total dividend to 161.36 HK cents, up 5% y-o-y
Additionally, in 2023, AIA says "US$3.6 billion returned to shareholders through the share buy-back programme".
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