AIA Group (1299.HK) reported record first-half 2026 value of new business (VONB), a measure of the expected profitability of new insurance sales, of US$3.21 billion, up 10% year-on-year on a constant exchange rate basis. Operating profit after tax rose 13% to about US$4.2 billion, and the interim dividend increased 10% to HK$0.539 per share. Operating profit per share also rose 13%, exceeding the group's 2023-2026 compound annual growth rate target of 9% to 11%. Growth was reported across most markets and distribution channels, although Goldman Sachs said the overall result was slightly below expectations because of weaker Hong Kong momentum in the second quarter. Hong Kong VONB grew 10% to US$1.17 billion, while Mainland China rose 20% to US$937 million. Thailand declined 6% for the half but returned to growth in the second quarter, and Singapore and Malaysia each grew 10%. Annualized new premiums rose 12% to US$5.655 billion, annualized operating return on embedded value reached a record 18%, and AIA returned US$3.6 billion to shareholders through dividends and buybacks. Investors will focus on Hong Kong sales momentum, Mainland China's bancassurance outlook, ASEAN markets and capital regulatory plans.