The AIA Group has announced 17 per cent growth in the value of new business for the third quarter.
In a press release issued on Friday, Ng Keng Hooi, AIA’s group chief executive and president, said that AIA delivered a strong performance in the third quarter with 17 per cent growth in value of new business to US$979 million (Bt32.3 billion).
He said today’s results and our consistent track record of growth are the direct outcome of the quality of AIA’s exceptional businesses and our disciplined approach to delivering our strategic objectives.
“The needs and expectations of Asian consumers are changing rapidly. Personal health, wellness and the need for financial protection are increasingly front of mind. Combined with rising affluence, this will drive increasing demand for our protection and long-term savings products across our markets," he said.
“The powerful combination of AIA’s competitive advantages in distribution and product innovation, empowered by our increasing use of technology, places us in an exceptional position to help meet these rapidly-evolving needs. Our brand promise to help millions of people to live healthier, longer, better lives provides a strong basis for developing deep, long-term relationships with our customers and differentiates AIA. I remain confident that our teams will continue to focus on delivering high-quality growth and generating long-term returns for our shareholders.”
AIA Hong Kong generated strong double-digit growth in value of new business (VONB) in the third quarter of 2018 with broad-based growth from both agency and partnership channels and across both domestic customer and Mainland Chinese visitor segments.
AIA’s wholly-owned operation in China delivered a strong performance with double-digit VONB growth in the third quarter, benefiting from a further increase in active agents, the company said. Our commitment to the execution of our Premier Agency strategy and providing needs-based advice and value-added services continues to differentiate AIA’s customer proposition in China.
The company said its business in Thailand delivered double-digit VONB growth, driven by continuing improvement in agent productivity as we make further progress with our ongoing agency transformation. VONB in Malaysia was lower year-on-year although we saw a sequential improvement in VONB growth in the third quarter compared to the second quarter of 2018.
In Singapore, strong ANP growth was offset by a lower VONB margin as a result of large volumes of single premium unit-linked business, the company said. Our number of active agents grew at a double-digit rate and our partnership with Citibank, N.A. delivered very strong growth in the third quarter.
Other Markets reported strong double-digit VONB growth with particularly strong contributions to growth from our businesses in Australia, Korea, the Philippines and Taiwan, the company said.