AIA Group Reports 15 Percent Rise in New Business Value
AIA Group reported a 15% increase in annual new business value to $5.52 billion. The insurer also launched a $1.7 billion share buyback program on Thursday.
Hong Kong-based insurer AIA Group Limited has announced a new $1.7 billion share buyback program alongside a 15% increase in its annual value of new business (VONB). The company reported that its performance was driven by resilience across all operational segments during the fiscal year ended December 31. The company’s VONB, a vital metric for gauging expected profits from new premiums and future growth potential, reached $5.52 billion on a constant currency basis. This compares to $4.71 billion recorded in the previous year. In addition to the buyback, the firm declared a final dividend of 144.08 Hong Kong cents per share, an increase from the 130.98 Hong Kong cents issued a year earlier. Regional performance was highlighted by a 28% rise in VONB within Hong Kong, which remains one of the group's largest profit contributors. In mainland China, the second-largest market for new sales, the insurer saw a 2% increase in VONB. The group's extensive footprint across 18 markets in Asia includes Thailand, Singapore, Malaysia, Indonesia, the Philippines, and South Korea. Furthermore, it maintains operations in Australia and New Zealand, and manages a joint venture in India.
