AIA’s net profit surges 47.2% YoY in H1 2024

EPS stood at $0.30.

In the first six months of the year (H1 2024), AIA Group’s net profit bagged $3.3m, this was up 47.2% on a year-on-year (YoY) basis. Whilst higher insurance revenue was spotted, this was offset by higher insurance service expenses.

The company’s value of new business (VONB) reached a record high of $2.5b, a 25% YoY increase. Sales of annualised new premiums (ANP) rose by 17% YoY to $4.6b, whilst VONB margin improved by 3.3 percentage points to 53.9%.

The company returned $3.4b to shareholders through dividends and share buy-backs in the first half of 2024, with an additional $2.0b added to its share buy-back program, bringing the total to $12.0b. 

Earnings per share stood at $0.30 during the period, up 57.9% YoY. Whilst, an interim dividend of 44.50 Hong Kong cents per share was declared, up 5.2%.

Meanwhile, AIA Singapore reported a 27% YoY growth in VONB, driven by strong performances across all distribution channels. 

ANP increased by 57% YoY to $417m, whilst the VONB margin decreased by 12.6 percentage points to 52.4%, reflecting a shift towards lower-margin, long-term savings products.