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Pan-Asian life insurer selling savings and protection policies across 18 markets including Hong Kong, China and Southeast Asia.
Pan-Asian life insurer selling savings and protection policies across 18 markets including Hong Kong, China and Southeast Asia.
Collects premiums on long-term savings and protection policies sold mainly through its own tied agents and partner banks, then invests the money. Hong Kong, mainland China, Singapore, Thailand and Malaysia carry the business. It was AIG's Asian arm until its 2010 listing in Hong Kong.
Moat: narrow (brand, distribution, scale). Largest independent pan-Asian life insurer, with long-tenured agency forces and bank partnerships across many markets.
Headquarters: Hong Kong · Founded: 1919 · Employees: 27,421
Size AIA (1299.HK) is a Hong Kong Financials company (Multi-Line Insurance) with a market value of $104B, the 17th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$78.45 on 6 Nov 2026.
Performance Over six months the shares fell 10.5%, against +14.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 13.3% over the last twelve months (peer median +10.3%); the operating margin is 25.8% (peer median 20.0%).
Valuation It trades at 2.53× book value against a peer median of 2.05× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 18.4%; AIA delivers 19.6%, so the price asks less than the business earns today.
Credit AIA has 12 bonds outstanding ($10.0B), rated AA- by the agencies and trading like A+ at a weighted spread of 79 bp.
Next results Next results expected around 5 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$269B | HK$254B | HK$231B | HK$214B | HK$438B |
| Revenue growth | — | +10% | +8% | -51% | — |
| Net income | HK$62.5B | HK$48.6B | HK$53.3B | HK$29.5B | HK$26.1B |
| Free cash flow | HK$11.0B | HK$40.0B | HK$7.51B | HK$57.7B | HK$72.0B |
| Capital expenditure | HK$3.01B | HK$3.50B | HK$6.62B | HK$13.7B | HK$4.25B |
| Total debt | n/a | HK$160B | HK$142B | HK$122B | HK$104B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| AIA 1299.HK | $104B | -10% | +13% | 20% | 2.53× | 18.4% |
| Prudential 2378.HK | $30.8B | -24% | +30% | 19% | 1.54× | 11.3% |
| Manulife Financial MFC.TO | $72.2B | +13% | +18% | 13% | 2.22× | 13.0% |
| China Life 2628.HK | $134B | -17% | +38% | 41% | 0.93× | 10.0% |
| Ping An 2318.HK | $138B | -17% | -8% | 10% | 0.79× | 9.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1299.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.0% | +3.3% | highest of 21 |
| 6-month return | -10.5% | +14.5% | 4th lowest of 21 |
| Return on equity | 19.6% | 16.3% | 7th highest of 21 |
| Price / book | 2.53× | 2.05× | 5th most expensive of 21 |
| Trailing P/E | 13.2× | 12.2× | 9th most expensive of 21 |
| ROE the price implies | 18.4% | 10.6% | most demanding of 21 |
| ROE delivered | 19.6% | 16.6% | 7th highest of 20 |
| Bond spread | 79 bp | 76 bp | 5th widest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| AIA 1299.HK | Hong Kong | $104B | -10% | +13% | 20% | 2.53× | 18.4% | 19.6% |
| Axa CS.PA | France | $103B | +13% | +11% | 19% | 2.24× | 17.8% | 19.0% |
| Zurich Insurance ZURN.SW | Switzerland | $114B | +16% | +19% | 26% | 3.67× | 11.2% | 25.5% |
| Progressive PGR | United States | $132B | +17% | +8% | 33% | 3.82× | 15.8% | 33.2% |
| China Life 2628.HK | Hong Kong | $134B | -17% | +38% | 41% | 0.93× | 10.0% | 41.3% |
| China Life Insurance 601628.SS | China | $135B | -3% | +16% | 12% | 1.54× | 13.1% | 11.9% |
| Ping An Insurance (Group) Company of China 601318.SS | China | $136B | -8% | +12% | 14% | 0.96× | 7.4% | n/a |
| Ping An 2318.HK | Hong Kong | $138B | -17% | -8% | 10% | 0.79× | 9.7% | 9.8% |
| Allstate ALL | United States | $64.4B | +20% | +6% | 46% | 2.04× | 9.9% | 46.1% |
| Fubon Financial Hldg 2881.TW | Taiwan | $62.7B | +66% | +12% | 16% | 1.66× | 7.4% | 16.0% |
| MetLife MET | United States | $62.4B | +27% | +9% | 13% | 2.28× | 16.2% | 13.2% |
| Aflac AFL | United States | $62.2B | +10% | +14% | 17% | 2.06× | 12.5% | 16.9% |
| Great-West Lifeco GWO.TO | Canada | $57.4B | +18% | +4% | 16% | 3.02× | 15.7% | 16.0% |
| Allianz ALV.DE | Germany | $192B | +19% | +21% | 21% | 2.98× | 16.0% | 21.1% |
| Swiss Re SREN.SW | Switzerland | $50.6B | +27% | -12% | 20% | 2.27× | 6.1% | 20.4% |
| People's Insurance Co. (Group) of China 1339.HK | Hong Kong | $46.1B | -2% | +11% | 18% | 0.60× | 5.6% | 18.1% |
| Ms&ad Ins Gp Hldgs 8725.T | Japan | $44.4B | +22% | +21% | 17% | 1.07× | 6.9% | 16.6% |
| China Pacific Insurance (Group) 601601.SS | China | $42.6B | -14% | +4% | 14% | 0.93× | 8.2% | 14.4% |
| Power Corporation of Canada POW.TO | Canada | $40.7B | +16% | +10% | 11% | 2.42× | 15.9% | 11.0% |
| American International AIG | United States | $40.7B | +2% | +1% | 8% | 1.04× | 7.5% | 8.2% |
| Sun Life Financial SLF.TO | Canada | $40.1B | +7% | -1% | 13% | 2.38× | 13.7% | 13.5% |
AIA has 12 bonds outstanding with $10.0B face value. The agencies rate it AA-; its bonds trade like A+. Weighted yield 5.65%, a spread of 79 bp over government bonds.