AIA total VONB up 18% to $3.3b in 2021

AIA China was named as the largest contributor for the group’s VONB.

AIA Group’s total value of new business (VONB) shot up by 18% to $430m in 2021, with VONB for the group outside of the Hong Kong market exceeding pre-pandemic levels.

AIA saw its embedded value (EV) operating profit increase by 7% to $7.8b whilst EV Equity grew by 13% to a new high of $75b. Operating profit after tax increased 6% to $6.4b.

Hong Kong and Macao

VONB for Hong Kong and Macao grew by 37% in 2021. This was mostly driven by AIA’s domestic customer segment. Even though Individual Visit Scheme with Mainland China remained suspended throughout 2021, the scheme was resumed for Macau supporting excellent growth sales to Mainland Chinese visitors.

AIA saw strong growth in its agency and bancassurance channels. The insurer's partnership with Bank of East Asia contributed to the excellent growth of its bancassurance channel. This partnership was also strengthened recently after AIA purchased BEA’s general insurance business, Blue Cross.

Strong contributions

AIA’s performance in 2021 was greatly boosted by VONB growth from other markets. AIA China was the largest contributor to the group’s VONB and delivered a 10% increase on a like-for-like basis, driven by a very strong double-digit increase in agent productivity in 2021. Whilst active agent numbers declined slightly in the first half, AIA said their initiatives successfully supported a significant increase in recruitment and returned our differentiated agency to growth in the second half. 

AIA Thailand meanwhile delivered an increase of 34% in VONB for 2021. Singapore reported an increase whilst AIA’s Malaysia market achieved a 26% increase in VONB, supported by double-digit growth in both agency and partnership distribution channels and excellent growth from our Takaful business. Other Markets delivered higher VONB in 2021 on a like-for-like basis as double-digit growth in the first half was offset by strict pandemic containment measures in the second half.

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