AIA’s value of new business hits projections, grows 20%

October 23 2017 by InsuranceAsia News Staff

AIA Group announced that its value of new business (VONB) rose 20% after experiencing robust growth in China that made up for a moderation of sales through independent financial advisers in Hong Kong.

AIA’s VONB surged $824 million in the three months ended 31 August, a leap from $689 million recorded in the same period last year.

Earlier, five analysts polled by Bloomberg said they were expecting a median growth estimate of 21%.

Insurers in Hong Kong, which have seen sales surge in the past two years, have been affected by the easing of concerns over the yuan’s depreciation and with China introducing more payment curbs late last year.

AIA chief executive officer Ng Keng Hooi is expected to implement measures to sustain AIA’s growth momentum.

The China unit of AIA remained its fastest growing business.