AIA Achieves Record High in Third-Quarter New Business Value
November 3 – AIA (01299.HK) has reported a significant increase in new business value in the third quarter, reaching a new high for the company. The insurance giant’s new business value rose by 35% to reach US$994 million.
AIA attributed its exceptional performance to strong growth across all distribution channels. Exclusive agents saw a 27% increase in new business value compared to the same period last year, while partner distribution experienced an impressive growth of 62%. The company recorded robust new business value growth in various regions, including Mainland China, Hong Kong, ASEAN, and India.
In the first nine months of 2023, AIA’s new business value surged by 36% year-on-year, reaching US$3.023 billion. This figure has already surpassed the full-year new business value achieved in 2022, even when adjusted for currency fluctuations.
AIA Group CEO and President, Li Yuanxiang, expressed his satisfaction with the company’s outstanding performance. He stated, “With AIA’s strong business capabilities and diverse advantages, we have achieved remarkable success in the third quarter, delivering excellent new business value. This is the highest quarterly record in the history of the Group.”
Li further explained that the increase in new business value reflects the strong market demand for AIA’s products and services following the pandemic. He highlighted the company’s continued strong performance throughout the year, with double-digit growth seen in Mainland China, Hong Kong, ASEAN, and India – the main growth engines for the company.
The insurance giant’s overall new business value has experienced a notable growth of 35% due to the success in these key regions.
As the financial community analyzes these results, it is worth noting that the content, data, and tools in this article are not intended as investment advice. They are solely for reference purposes and should not guide investment decisions. Investors are advised to remain cautious and aware of the inherent risks associated with the stock market.
AIA’s achievement in reaching a new high in third-quarter new business value demonstrates the company’s ability to adapt to market demands and successfully navigate uncertain times. With its strong track record and solid growth in key markets, AIA continues to showcase its position as a leading player in the insurance industry.