AIA VONB up 28% to USD 1,046 Mn for Q1

AIA delivered strong year-on-year growth from all their reportable segments and an overall 28% increase in value of new business (VONB) to US$ 1,046 million for the first quarter of 2023 ended 31 March 2023.

Lee Yuan Siong, AIA’s Group Chief Executive and President, said: “AIA has delivered excellent results with a 28 per cent increase in VONB, exceeding US$1 billion for the first quarter of 2023. We are seeing continued strong momentum across the Group as Asian economies recover post the pandemic and we are uniquely positioned to capture increasing customer demand for life and health insurance. I am delighted that AIA China has received regulatory approval to begin operations in Zhengzhou, Henan province.

“AIA’s financial strength, resilient distribution model and proven management team are key differentiators that help us successfully navigate volatile financial markets and capture profitable new business opportunities sustainably at scale.

“AIA operates in the most attractive region in the world for life and health insurance, fuelled by growing wealth, increasing healthcare expenditure and evolving customer needs.”

The long-term prospects for AIA’s businesses are exceptional given our substantial competitive advantages, geographical diversification and the powerful structural growth drivers for life and health insurance in Asia. “Rising incomes, low levels of private insurance penetration and limited social welfare coverage continue to drive demand for AIA’s insurance products across our markets.”