AIA sees new business value jump 37% YoY in the first semester

This was mainly driven by the economic reopening in China and Hong Kong.

Insurer AIA reported its value of new business (VONB) climbed 37% year-on-year (YoY) to $2.03b in the first half of the year, mainly driven by China and Hong Kong’s economic reopening.

To compare, last year saw its VONB reach $1.54b.

“With the pandemic disruption behind us, the strength of AIA’s unrivalled distribution platform across Asia has powered a return to very strong new business momentum, including double-digit VONB growth from AIA China, our combined ASEAN business and Tata AIA Life, our joint venture in India. AIA Hong Kong more than doubled VONB compared to the first half of 2022, driven by substantial business from Mainland Chinese visitors (MCV).” said Lee Yuan Siong, AIA’s Group Chief Executive and President.

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In terms of market segments, China’s VONB jumped 14% to $601m. This was followed by Hong Kong (111% to $681m), Thailand (28% to $327m), Singapore (5% to $173m), Malaysia (10% to $170m), and others (8% to $212m).

Likewise, the group’s consolidated net earnings saw a 46% climb to $2.26b in the six months to June.

Total assets saw an increase of 2% to $276b, whilst total liabilities went up 3.7% to $234b.