Summary by Futu AI
AIA announced on June 21, 2024 that its board of directors has approved an increase of $2 billion to its existing share buyback plan, bringing the total of the plan to $12 billion. This is a further action following the adoption of an automatic share buyback plan announced on January 15. For this purpose, AIA has signed a revised and restated agreement with brokers, which will take effect on June 24, with the total size of the plan increased to $4.638 billion and the overall term extended to April 30, 2025. As of the announcement date, a total of HK$10.882 billion of shares have been repurchased. The board of directors believes that the increase in capitalization is in the overall best interests of the company and shareholders, and demonstrates the company's efforts to periodically review its capital position and return excess capital. Share buybacks will be subject to market conditions and will be at the discretion of the brokers.