AIA Group Limited (AIA) reported value of new business (VONB) of US$4.63 billion for the nine months ended 30 September 2026, a 5% year-on-year increase at constant exchange rates (CER). Third-quarter VONB declined 5% to US$1.42 billion due to exceptionally high comparatives in Hong Kong and the Chinese Mainland in July-August 2025, but the metric rebounded sharply in September with growth exceeding 25%, underpinning management’s confidence in a strong fourth quarter.
Key operating metrics • VONB margin expanded 5.3 percentage points (ppts) to 63.5% in Q3, aided by a favourable product and channel mix in the Chinese Mainland. • Annualised new premiums (ANP) fell 13% year on year to US$2.24 billion in Q3, reflecting lower volumes in the Chinese Mainland; nine-month ANP rose 3% to US$7.89 billion. • Total weighted premium income (TWPI) for Q3 grew 7% to US$12.89 billion. • Management reiterated guidance that operating profit after tax (OPAT) per-share CAGR for 2023-26 will exceed the 9%–11% target range.
Segment performance (Q3, CER basis) • Hong Kong: VONB slipped 3% against an extraordinary July 2025 base but rose 20% across August-September on solid domestic and visitor demand. • Chinese Mainland: VONB fell 33%, primarily due to prior-year front-loaded buying ahead of industry repricing; agency sales returned to growth in September, with protection products contributing 46% of agency VONB. • Thailand: VONB advanced 9%, underpinned by protection and unit-linked products, cementing market leadership (>50% share in medical, critical illness and unit-linked categories). • Singapore: VONB surged 22%, driven by Premier Agency and bancassurance, with robust demand from affluent and high-net-worth clients. • Malaysia: VONB increased 10% on stronger agency recruitment and partnership sales with Public Bank Berhad. • Other Markets: VONB grew 14%, led by India (Tata AIA Life), Taiwan (China) and Vietnam.
Capital & risk sensitivities • A parallel 50 bp rise in US interest rates is estimated to reduce Group embedded value by 1% while marginally lifting the shareholder capital ratio. • Currency effects are mitigated by matching assets and liabilities in local currencies; growth rates are presented on a CER basis to neutralise translation impacts.
Strategic outlook Management highlighted enduring regional growth drivers—demographics, rising income levels and low insurance penetration—and pointed to strengthening agency fundamentals and deeper bancassurance engagement. With September’s momentum and easing comparatives, AIA anticipates robust Q4 new-business expansion and remains positioned to surpass its OPAT per-share growth ambitions through 2026.
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