AIA's First-Half New Business Value Hits Record High of US$3.2 Billion
Nashnova编辑部
AIA Group posted a record US$3.21 billion in value of new business for the first half, up 10% on a constant-exchange-rate basis, with every core profit metric at or near highs — signaling the Asian insurance leader is still accelerating, not peaking.
US$3.2 billion in new business value — how strong is that?
Value of new business — a measure of how much profit today's new policies will generate over their lifetime — rose 10% to a record US$3.21 billion on a constant-exchange-rate basis.
This means → AIA is selling more policies *and* better-quality ones, not trading margin for volume.
Every distribution channel and every reporting segment except Thailand delivered growth. In plain terms = no part of the business is dragging; the gains are broad-based.
Profits and payouts — what do shareholders get?
After-tax operating profit hit US$4.16 billion, up 13% per share; underlying free surplus generated reached US$3.94 billion, up 10% per share.
Annualized operating return on embedded value and on shareholders' allocated equity both reached record highs of 18.0% and 17.5%, respectively.
The interim dividend rose 10% to 53.90 HK cents per share. This means → the numbers are not just on paper — real cash is flowing to shareholders.
Who is selling these policies?
The Premier Agency channel (excluding Thailand) grew new business value by 11%; the strategic partner distribution network — mainly bancassurance and independent advisors — grew by 18%.
AIA has ranked first among multinationals in Million Dollar Round Table (MDRT — the insurance industry's top-performer league table) membership for 12 consecutive years, with more than double the members of the runner-up.
This reflects a dual engine: AIA's agent force remains the industry's quality ceiling, while bancassurance is emerging as a powerful second growth pillar.
What did the CEO say — and what should the market watch?
CEO Lee Yuan Siong said the compound annual growth rate in new business value since the first half of 2023 stands at 17%, and the group expects to exceed its stated target of 9–11% CAGR in after-tax operating profit per share from 2023 to 2026.
He emphasized that Asia remains "the most attractive growth opportunity" for life and health insurance, supported by lasting structural tailwinds.
In plain terms = management is telling the market: we are not just meeting targets — we intend to beat them. Whether AIA can sustain double-digit momentum in the second half will be the key checkpoint for validating that claim.
Content is for reference only, not financial advice.