AIA Group Limited

1299.HK

Insurance - Life · Financial Services

Price

HK$78.10

-0.50 (-0.64%)

Market Cap

HK$804.83B

Exchange

Hong Kong Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 25, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

−12.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 12.09B (2021) → 10.56B (2025)

AIA Group is one of the largest life insurance companies in Asia. It sells life insurance, health insurance, and savings products to individual customers across more than a dozen Asian markets. The company is headquartered in Hong Kong and has been operating in Asia for over a century, giving it one of the most recognized insurance brands in the region.

AIA makes money by collecting premiums from policyholders and investing those funds, earning returns that cover future claims and generate profit. It operates across markets including China, Hong Kong, Thailand, Singapore, Malaysia, and several other Asian countries, with over 40 million individual policyholders. Its long history and deep distribution network of agents give it a strong competitive position, but its biggest risk is slower economic growth or regulatory changes across Asia, particularly in mainland China, which represents a major source of new business growth.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+39.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+9.4% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$323.4B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

AIA Group Limited grew revenue 40% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

25.7%

Excellent — 25.7% operating margin

ROCE

6.9%

Weak — 6.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+48.9%

Fast-growing sales (48.9% YoY)

EPS YoY

-4.8%

Earnings shrinking (-4.8% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

95%

Turns 95% of profit into real cash

FCF Margin

19.3%

Converts sales into free cash efficiently (19.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.47

Conservative — low debt load (0.47)

Interest Cover

25.69x

Comfortably covers interest (25.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

132.4x

Expensive — P/E 132.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+29.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (132.4 → 103.4)

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Dividends

Dividend Yield

2.47%

Moderate income — 2.47% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+17.0%

Dividend growing fast (17.0% YoY)

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