AIA Group (1299) Q3 2024 TU earnings summary

Executive summary

• Achieved record value of new business (VONB) of US$1,161 million in Q3 2024, up 16% year-over-year on a constant exchange rate basis, with growth from all reportable segments.

• Annualised new premiums (ANP) rose 14% to US$2,212 million, with strong contributions from both agency and partnership channels.

• Regulatory approvals received to prepare new provincial branches in Anhui and Shandong, supporting further expansion in Mainland China.

Financial highlights

• VONB margin improved by 0.8 percentage points year-over-year to 52.2% in Q3 2024.

• Total weighted premium income (TWPI) increased by 9% to US$10,301 million in Q3 2024.

• VONB for the nine months ended 30 September 2024 reached US$3,616 million, up 22% year-over-year on a constant exchange rate basis.

Outlook and guidance

• Asia's structural demand for insurance remains strong, driven by high private savings, ageing populations, low insurance penetration, and limited welfare coverage.

• Confident in capturing long-term growth opportunities in Asian life and health insurance, despite near-term geopolitical and macroeconomic uncertainties.