AIA Singapore’s 2023 VONB climbs 10% YoY

Group-wide, it saw its VONB surge 33%.

AIA Singapore saw its value in new business (VONB) climb 10% year-on-year (YoY) in 2023 to $526.9m (US$394m), influenced by agency and partnership distribution channels.

Its annualised new premium (ANP) rose by 8% to $783.7m (US$586m). Operating profit after tax (OPAT) slightly decreased by 2%, attributed to increased remittance to the group corporate centre and improved claims experience offsetting poorer medical claims.

The tied distribution channel, including agency force and AIA Financial Advisers, saw double-digit growth, driven by a premier agency strategy and digital innovation.

ALSO READ: AIA Singapore welcomes interns in first corporate-led programme

Partnership channel growth was fueled by the Citibank bancassurance partnership and the launch of AIA Platinum Infinite Wealth in August 2023.

Group-wide, it saw its VONB surge 33% to $5.4b (US$4.0b). For the year, ANP increased by 45% to $10.3b (US$7.7b).

The year ended with a final dividend of 119.07 Hong Kong cents per share. Its total dividend ended at 161.36 Hong Kong cents per share, up 5%. A total of $4.8b (US$3.6b) was returned to shareholders through the share buy-back programme in 2023.