AIA has reported a 25% jump in the value of new business (VONB) on constant exchange rates for Q3.
The Hong Kong company’s VONB hit $1.48bn in the three months to 30 September, while its VONB margin of 58.2% was up by 5.7%.
AIA said it had delivered “excellent growth” in the quarter as it reported double-digit increases in 11 of its 18 markets. The group’s key distribution channel, Premier Agency, achieved 19% growth and generated over 70% of the entire group’s VONB.
In its outlook, AIA stated that Asia remains the most attractive region in the world for life and health insurance with structural tailwinds, including “rising wealth”, “low insurance penetration” and “limited social welfare coverage”.
The company suggested that these factors will drive long-term growth, despite near-term geopolitical and global macroeconomic uncertainties.
“AIA’s continued strong execution of our growth strategy has delivered another excellent quarter as we capture the unparalleled opportunities in life and health insurance markets across Asia,” chief executive and president, Lee Yuan Siong, said.
“Our unrivalled distribution platform is a key competitive advantage, and both our Premier Agency and partnership distribution channels generated very strong growth during the quarter. I am confident that the continued compounding of high-quality new business will grow our in-force portfolio and drive higher earnings and cash generation for many years to come.”