The following is a summary of the AIA Group Limited (AAGIY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AIA Group reported a 31% growth in Value of New Business (VONB) in Q1 2024, setting a new record with $1.3 billion.

• All segments saw double-digit growth, with VONB margin increasing by 2.1 percentage points to 54.2%.

• After implementing a new capital management policy, the board approved a $2 billion buyback, raising the existing share buyback program to $12 billion.

• AIA plans to use 75% of annual net free surplus generation for dividends and share buybacks, to start from the 2024 annual results.

Business Progress:

• AIA saw growth in key markets including China (up 38%), Hong Kong (up 43%), and promising results from the Other Markets segment including India, Australia, the Philippines and South Korea.

• AIA China continues to innovate its product range, with the tax-deferred personal pension product a top seller in Q1.

• Revenue in the company's five new provinces grew by 45% by the end of Q1.

• AIA targets middle-income and above customer segments, ensuring good case sizes through both the agency and bancassurance channels.

• The company reported strong double-digit growth in new recruits and active agents in Mainland China and Hong Kong in Q1.

• In response to investor concerns, AIA committed to increasing transparency around VONB growth rates in different markets and maintaining its current comfortable financial ratings.

More details: AIA GROUP LTD IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.