S&P Global Ratings sees AIA growth holding despite China sales risk

AIA has enough capital to maintain its progressive dividend policy.

AIA is well positioned to deliver profitable growth over the next two years, underpinned by its leadership in key markets and a productive agency force, S&P Global Ratings said. 

The ratings agency expects the insurance group’s established agency force to sustain sales of wealth management and protection products to mainland Chinese customers through its operations in China and Hong Kong.

These strengths will buffer AIA’s Hong Kong operations against potential volatility in the mainland Chinese visitor segment, which stems from growing awareness of the tax implications of offshore investment income, S&P said. 

It added that demand from mainland Chinese visitors for insurance policies in Hong Kong remains resilient, particularly for multicurrency asset diversification and healthcare and protection solutions.

AIA reported a 15% increase in operating profit after tax and a 13% rise in value of new business (VONB) in the first half of 2026, compared with the same period last year. 

The group’s Hong Kong and China operations remained the key contributors to VONB, accounting for 36% and 29% respectively.

S&P said these resilient operating results underpin AIA’s ample capital buffer, which supports the group’s expansion in its key operating markets and other emerging Asia markets.

The ratings agency believes AIA has sufficient capital to sustain its progressive dividend policy. The insurance group announced a 10% increase in its interim dividend payout per share.