AIA’s new business value jumps 31% YoY in Q1’24

Its China, Hong Kong, Thailand and Singapore business saw double-digit growth.

AIA’s first quarter value of new business (VONB) surged 31% year-on-year (YoY) to $1.33b, driven by double-digit growth recorded across all its reportable segments.

“In view of AIA’s very strong financial position and our confidence in our future operational and financial delivery, the Board has approved a $2.0b addition to our existing share buy-back programme, which will bring the total to $12.0b.” Lee Yuan Siong, AIA’s Group Chief Executive and President, said in a press release.

In China, VONB grew by 38%, led by Premier Agency and bancassurance. VONB margin increased to 54.6%. The Premier Agency model in Mainland China saw over 20% growth in new recruits and active agents, supported by tax-deductible pension products.

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Its Hong Kong segment, VONB grew by 43%, with VONB margin at 64.3%. Both domestic and Mainland Chinese visitor segments contributed double-digit growth. 

AIA Thailand and Singapore also reported double-digit VONB growth.

In Other Markets, including Tata AIA Life in India, VONB grew significantly. 

Annualised new premiums for the group rose by 26% to $2.5b, with a VONB margin of 54.2%. Margin on a PVNBP basis increased to 11%, and TWPI increased by 13% to $11.2b.