China insurers beat growth fears in Q1 2026: UOBKayHian

AIA reported 26% new business growth in China during the quarter.

Major insurance companies in China, including AIA and Prudential, have reported a strong start to 2026, with new business growth exceeding market expectations. 

According to the latest sector update from UOB Kay Hian, AIA saw its value of new business (VONB) rise by 17% in the first quarter, whilst Prudential recorded a 13% increase in new business profit.

This growth was primarily driven by high demand for insurance products in China and Hong Kong. 

In China, AIA’s new business grew by 26%, supported by a trend of customers migrating their bank deposits into long-term savings products.

Prudential also saw double-digit growth in the Chinese market. These results have helped ease investor concerns that recent regulatory changes to the insurance broker channel in Hong Kong would sharply slow down the industry’s momentum.

Whilst sales remained robust, the companies reported differing results regarding profit margins.