AIA Singapore reports 15% rise in VONB for FY 2024

Annualised New Premium also rose by 52% YoY.

AIA Singapore reported a 15% year-on-year (YoY) increase in Value of New Business (VONB) for fiscal year 2024 (FY 2024), driven by double-digit growth in both agency and partnership distribution channels. 

Annualised New Premium (ANP) rose 52% YoY to $897m in FY 2024, though the VONB margin decreased by 16.8 percentage points to 50.5% YoY due to a strategic shift toward long-term savings products aimed at the wealth segment.  

Total Weighted Premium Income (TWPI) increased by 13% YoY.

Operating Profit After Tax (OPAT) saw a modest 1% YoY rise as increased business volume was offset by lower investment income on surplus assets, resulting from higher remittances to support AIA Group’s share buy-back programme, as well as weaker non-medical claims experience compared to 2023.