AIA reports 16% rise in new business for Q3

Written by Michael Griffiths

31/10/2024

AIA has announced a 16% rise in the value of its new business (VONB) on constant exchange rates (CER) in Q3.

This period, covering the three months to the end of September, saw the group bring in new business worth $1.16bn as AIA reported in all segments of its business.

AIA also posted a rise in annualised new premiums (ANP) of 14% to total $2. 21bn in the quarter.

The group said its premier agency achieved 15% growth, supported by higher agent activity and productivity, while the value of new business from its partnership distribution was up 16%, supported by very growth from its bancassurance channel.

AIA group chief executive and president, Lee Yuan Siong, said the insurer’s Q3 figures highlighted the “strength and diversification” of the business.

“Our continued focus on executing our strategic priorities has further enhanced AIA’s competitive advantages, supporting double-digit value of new business growth from both our agency and partnership distribution channels.

“The compounding of successive layers of profitable new business drives growth in earnings and cash generation, and underpins our confidence in delivering our financial targets.”

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