AIA records double-digit profit growth in 2023

Mainland China, Hong Kong, ASEAN (except Vietnam and India) also registered double-digit growth.

AIA saw its value in new business (VONB) surge 33% to $5.4b (US$4.0b). For the year, annualised new premium (ANP) increased by 45% to $10.3b (US$7.7b).

Lee Yuan Siong, AIA’s Group Chief Executive and President, highlighted the diversified business portfolio and distribution platform's role in achieving higher VONB from key growth engines. 

Notable achievements included AIA China's deepened cooperation with strategic bank partners and AIA Hong Kong's exceptional performance, particularly in capturing demand from Mainland Chinese visitors. 

He expressed confidence in the long-term prospects of AIA's businesses across Asia, given strong fundamental drivers and demographic 

The year ended with a final dividend of 119.07 Hong Kong cents per share. Its total dividend ended at 161.36 Hong Kong cents per share, up 5%. A total of $4.8b (US$3.6b) was returned to shareholders through the share buy-back programme in 2023.

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Its Singapore arm saw its VONB climb 10% year-on-year (YoY) in 2023 to $526.9m (US$394m), influenced by agency and partnership distribution channels.

AIA Singapore’s ANP rose by 8% to $783.7m (US$586m). Operating profit after tax (OPAT) slightly decreased by 2%, attributed to increased remittance to the group corporate centre and improved claims experience offsetting poorer medical claims.

The tied distribution channel, including agency force and AIA Financial Advisers, saw double-digit growth, driven by a premier agency strategy and digital innovation.

Partnership channel growth was fueled by the Citibank bancassurance partnership and the launch of AIA Platinum Infinite Wealth in August 2023.

“Asia is the most attractive region in the world for life and health insurance, where the strong fundamental drivers of demand and major demographic trends provide powerful support for the long-term prospects of our businesses across the region.” Lee added.