AIA’s new business growth exceeds pre-pandemic figures

The insurer has reported a 22 per cent growth in VONB to US$1.814 million, which has exceeded pre-pandemic levels in all segments excluding Hong Kong.

“I am very pleased that VONB exceeded the pre-pandemic levels of the first half of 2019 for each of our reportable segments except Hong Kong, where travel restrictions continue to affect sales to Mainland Chinese visitors,” AIA group chief executive and president, Lee Yuan Siong, said.

Meanwhile, AIA also saw increases for EV equity (up 5 per cent to US$70.1 billion) and OPAT (up 5 per cent to US$3.182 million), as well as a group LCSM cover ratio of 412 per cent and free surplus of US$17.9 billion, up US$4.4 billion from 31 December 2020.

“The board has declared an 8.6 per cent increase in interim dividend to 38.00 Hong Kong cents per share. This follows AIA’s established prudent, sustainable, and progressive dividend policy, allowing for future growth opportunities and the financial flexibility of the group,” Mr Yuan Siong said.

“AIA’s purpose of helping people live healthier, longer, better lives comes to life through our compelling propositions which integrate our health and wellness ecosystem and long-term savings solutions. We continue to focus on advancing the key components of our ecosystem to deliver improved health outcomes for our customers.

“We believe that creating distinctive, personalised and meaningful experiences for our customers will generate a range of business benefits.

“Transforming AIA into a simpler, faster, more connected organisation will support the delivery of our strategic ambitions for the next era of growth, building on the powerful demographic trends and immense opportunities in the life insurance market in Asia.

“I am confident that the continued execution of our strategic priorities will enable us to generate long-term sustainable value for our shareholders.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.