VONB growth was observed in Mainland China, Hong Kong, ASEAN, and India.

AIA reported a 35% year-on-year (YoY) increase in the Value of New Business (VONB) during the third quarter of 2023, reaching $994m, which was attributed to better performances in various distribution channels. 

Proprietary agency channels witnessed a 27% increase in VONB, while partnership distribution experienced substantial 62% growth compared to the same period in 2022. 

VONB growth was widespread, with double-digit increases observed in Mainland China, Hong Kong, ASEAN, and India. 

For the first nine months of 2023, VONB surged by 36% YoY to $3.02b, surpassing the full-year 2022 results on a constant exchange rate basis.

In China, AIA achieved over 20% VONB growth in the third quarter, driven by the post-pandemic recovery in Mainland China. Demand for long-term savings products remained strong, with critical illness products also contributing to significant double-digit VONB growth. 

The high-quality Premier Agency was central to VONB growth, and the bancassurance channel saw strong growth and improved VONB margin. AIA China’s geographical expansion continued with regulatory approval to extend coverage to all of Hebei province.

AIA Hong Kong also achieved significant VONB growth in the third quarter, with strong sales to Mainland Chinese visitors contributing significantly. Premier Agency recruitment momentum continued, and agent productivity exceeded pre-pandemic levels.

AIA Thailand maintained strong momentum with excellent VONB growth, driven by increased sales volumes and a favourable product mix. 

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AIA’s businesses in Singapore and Malaysia reported VONB increases, propelled by growth in agency and partnership distribution channels.

With the exception of Vietnam, where negative consumer sentiment impacted the life insurance industry, 

Other Markets delivered VONB growth, particularly India and the Philippines. Collectively, ASEAN businesses achieved double-digit VONB growth.

Overall, the Annualised New Premium (ANP) for the group grew by 54% to $1.94m, and the VONB margin increased to 51.2% compared to the first half of 2023. 

AIA maintains a strong financial position, underpinned by robust in-force portfolio management and a liability-driven investment approach.

AIA sees a highly promising long-term outlook for its businesses, thanks to their competitive advantages, geographical diversity, and structural growth drivers in Asia’s life and health insurance industry. 

The increasing incomes, low private insurance penetration, and limited social welfare coverage continue to drive demand for AIA’s insurance products across their markets. 

AIA is confident that its strategic priorities position them to capture the substantial long-term opportunities in the Asian life and health insurance market, delivering long-term sustainable value to all stakeholders.