AIA Group beats OPAT targets as Jefferies sees momentum building

Comes after recording a VONB growth of 18% in 2024 and 33% in 2023.

AIA Group’s first half 2025 (H1 2024) results point to stronger-than-expected growth and profitability, with Jefferies Equity Research note expecting the insurer to exceed its Operating Profit After Tax (OPAT) targets this year. 

Jefferies said the company’s Return on Embedded Value (ROEV) climbed to 17.8%, a new high, and its Value of New Business (VONB) rose 16% at constant exchange rates. 

This follows VONB growth of 18% in 2024 and 33% in 2023, suggesting momentum is no longer just a post-pandemic recovery effect.

Despite this performance, Jefferies noted AIA’s share price continues to lag its fundamentals.