AIA Thailand faces tougher growth after strong 2025

More than 90% of local sales come from protection or fee-based products according to Jefferies.

Thailand has become a key contributor to AIA Group’s new business, with its operation accounting for 15% of the insurer’s Value of New Business (VONB) in the first half of 2026, according to Jefferies.

AIA Thailand was the group’s third-largest business during the period, contributing 12% of its Embedded Value (EV), Jefferies said in its Thai Life Insurance Tracker for July 2026.

The research firm described Thailand as one of AIA’s most important and higher-quality markets, with more than 90% of sales coming from protection or fee-based products.

AIA Thailand has more than five million customers, with a median tenure of 13 years and persistency above 90%. More than 70% of customers have bought multiple products, according to Jefferies.

The insurer also has more than 24,000 active agents, giving it a 44% share of Thailand’s agency market and a network more than 10 times larger than its closest peer, the research firm said.

AIA also distributes products through a strategic partnership with Bangkok Bank, Thailand’s largest bank, which has more than 700 branches and over 2,000 agents.

The insurer has a strong position in several key product categories, holding a 63% share of the critical illness market, 59% of unit-linked and 49% of medical insurance, according to Jefferies.

Protection products accounted for 77% of AIA Thailand’s VONB in financial year 2025, whilst unit-linked products made up 15%.

More capital-intensive products accounted for the remaining 8%.

Jefferies said AIA Thailand’s strong performance in 2025 created a difficult comparison for 2026, but argued that the business remained underappreciated by investors despite its contribution to the wider group.