AIA on the rise

The value of new business registered by insurance group AIA Group Limited went up by 34 per cent year-on-year to reach US$2.57 billion in the first nine months of this year

Insurance group AIA Group Limited (AIA) saw the value of its new business (VONB) rise 34 per cent year-on-year, reaching US$2.57 billion (MOP20.65 billion) in the first nine months of this year, according to a company filing with the Hong Kong Stock Exchange.
The company’s annualised new premiums (ANP) also saw an increase of 25 per cent yearly between January and end-August of this year, reaching US$4.56 billion.
The group has wholly-owned branches and subsidiaries in 18 markets throughout Asia, including Macau, with the company considering the Hong Kong market to have ‘delivered strong double-digit VONB growth in the third quarter’.
The insurance company also stated in the filing that its operations in China continued to be its ‘fastest growing business in the third quarter’ with growth in VONB moved by a ‘significant increase in the number of active agents,’ developed by recruiting and developing more full-time professional agents.
According to AIA’s Group Chief Executive and President Ng Keng Hooi: “Asia’s economic progress has been driven by large populations entering the workforce, generating sharply rising incomes and creating a rapidly growing middle-class,” which has led to a “step change in life insurance demand across the region”.