AIA posts strong new business growth in Q1 2019 | Sunday Observer

AIA posts strong new business growth in Q1 2019

HONG KONG– AIA Group Limited announced 18 per cent growth in value of new business (VONB) on constant exchange rates (CER) for the first quarter ended 31 March 2019.

AIA’s Group Chief Executive and President, Ng Keng Hooi said, “AIA has made a good start to the year with an 18 per cent increase in VONB to US$1,169 million for the first quarter of 2019.

Our highest ever quarterly VONB result continues our consistent track record of year-on-year growth.

“The strong headline figures reflect our continued focus on executing our strategic priorities as we help to meet the evolving needs of our customers for protection and long-term savings across our markets. AIA’s high-quality financial advice and our transition towards being a lifelong partner to customers are critical success factors in meeting these needs.

“AIA’s competitive advantages in distribution and product innovation, developed over many years, are aligned with the unprecedented structural drivers of life insurance growth across the Asia-Pacific region. We are exceptionally well-placed to capture these enormous opportunities, deliver long-term, sustainable shareholder value and help our customers live Healthier, Longer, Better Lives.”

VONB increased by 18 per cent to US$1,169 million with strong growth from both agency and partnership distribution compared to the first quarter of 2018.

AIA’s wholly-owned operation in China was our fastest growing reportable market segment and delivered excellent VONB growth in the first quarter of 2019.

The consistent execution of our differentiated Premier Agency strategy has delivered a further strong increase in both active agents and productivity as we continue to focus on the financial needs of consumers. We have also begun preparatory work on the new sales and service centres in Tianjin and Shijiazhuang, Hebei.

Hong Kong generated strong double-digit VONB growth in the first quarter of 2019, driven by both our agency and partnership distribution channels.

Agency growth was supported by an increase in the number of active agents. VONB grew for both domestic and Mainland Chinese visitor customer segments.