AIA new business up 31% to USD 1.3 bn in Q1’24

AIA Group Limited (the Company) announces 31% growth in value of new business (VONB) on constant exchange rates (CER) for the first quarter ended 31 March 2024. AIA also announces details of an enhanced capital management policy including a US$2.0 billion addition to the existing US$10.0 billion share buy-back programme.

AIA’s Group Chief Executive and President, Lee Yuan Siong, said: “AIA’s very strong VONB growth of 31 per cent in the first quarter of 2024 and increased capital returns to shareholders demonstrate the enduring power of our competitive advantages and financial discipline. We have delivered a record high quarterly VONB of US$1,327 million with double-digit VONB growth across all of our reportable segments, highlighting the strength and diversification of AIA’s businesses.”

“We are also announcing a new and more definitive capital management policy which will result in higher annual distributions to shareholders through a combination of dividends and share buy-backs.”

“In view of AIA’s very strong financial position and our confidence in our future operational and financial delivery, the Board has approved a US$2.0 billion addition to our existing share buy-back programe, which will bring the total to US$12.0 billion. These actions underscore our commitment to systematically return capital that is excess to our needs, whilst continuing to deliver organic new business growth at attractive returns.

“Today’s announcement demonstrates that AIA has the right strategic priorities, and that consistent execution will deliver the right results for all our stakeholders. Our focus continues to be on driving profitable new business growth that will make a material difference in shaping AIA’s financial future by delivering increased future earnings, free surplus generation and ever greater shareholder value.”

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