AIA Group Limited has reported a 7% increase in its Value of New Business for Q3 2022, driven by strong growth across all segments and strategic acquisitions aimed at enhancing its health insurance offerings.

Target Overview

AIA Group Limited, a leading insurance provider in Asia, has demonstrated robust growth in its Value of New Business (VONB), with a notable 7% increase achieved in the third quarter of 2022 compared to the same period in the previous year. This growth is largely attributed to all reportable segments contributing positively, particularly through enhanced performance from agency and partnership channels. AIA's proprietary Premier Agency and bancassurance networks have shown resilience and strength in distribution, reaffirming their leading position in the Asian insurance market.

The Group's successful strategy has allowed it to recover and thrive post-pandemic, as evidenced by improved sales momentum in key markets such as Mainland China and increasing VONB in Hong Kong, Thailand, Malaysia, and Singapore. AIA’s ongoing investments in technology and analytics are enhancing its customer experience and distribution capabilities, setting a strong foundation for further growth.

Industry Overview in Asia

The Asian insurance market is characterized by a rapidly expanding middle class, low penetration rates, and limited social safety nets, resulting in substantial growth opportunities. The demand for life and health insurance products continues to rise a