AIA Q3 new business value soars to $2.54b

The group said it exceeded the pre-pandemic levels of the first nine months of 2019.

AIA Group has reported strong performance for the first nine months of Q3 2021, with the value of new business (VONB) growing by 15% to $2.54 from $2.11b from a year earlier.

The insurer said that they have maintained good momentum and delivered a VONB growth of 20% on a like-for-like basis. 

According to AIA Group chief executive and president, Lee Yuan Siong, excluding Hong Kong, where sales to Mainland Chinese visitors remain extremely limited due to ongoing travel restrictions, the Group’s VONB exceeded the pre-pandemic level of the first nine months of 2019.

Annualised new premiums also went up by 6% to $4.30b whilst total weighted premium income went up by 3% to $27.4b.

Meanwhile, the group attributed the largest contribution to its VONB to its China business which delivered double-digit VONB growth in the first nine months of 2021 on a like-for-like basis.

“Across the Group, we are leveraging the power of technology, digital and analytics to enable the execution of our strategic priorities and further extend our competitive advantages. While the pandemic continues to disrupt some of our markets, AIA’s performance demonstrates the benefits of our diversification across Asia and the resilience of our business model that has been enhanced by technology,” Lee said.