AIA Group VONB dips 5% YoY
But, its VONB for 2H2022 rose to 6%.
AIA Group Limited recorded a 5% decrease in its value of new business (VONB) for the full fiscal year (FY2022) ended 31 December 2022, from $3.37b of the previous year (FY2021).
The insurer blamed the adverse effect from the wave of Omicron variant, however during the second half of the fiscal year, VONB grew 6% to $1.56b compared to $1.55b from the previous fiscal year (2H2021) as cases of the new COVID-19 variant subsided.
“Our consistent financial discipline and focus on growing AIA’s high-quality in-force business supported an increase in both OPAT and UFSG(1). The Group’s financial position remained very strong despite significant capital market volatility in 2022, with free surplus increasing to US$23.7 billion before capital returns to shareholders and a Group LCSM cover ratio(2) of 283%,” Lee Yuan Siong, AIA’s Group Chief Executive and President said.
Lee also said that five of their operating segments achieved positive VONB growth, including AIA Hong Kong and AIA Singapore with 4% and 7% growth, respectively.