HONG KONG (Yosefardi) – AIA Group Limited reported 25% growth in value of new business (VONB) to to US$552 million for the third quarter ended 31 August 2015.
VONB margin rose 8.4% to 57.6% and annualised new premiums (ANP) increased 7% to US$936 million. Total weighted premium income grew by 7% to US$4,846 million.
Each of AIA geographical market segments, except for Korea, delivered strong double-digit VONB growth on constant exchange rates compared with the third quarter of 2014.
AIA’s business in China continued to deliver excellent VONB growth driven by a combination of increased active agent numbers, higher agent productivity levels and a high-quality product mix.
Other highlights of the quarter included another strong performance in Hong Kong with VONB growth benefiting from a double-digit increase in the number of active agents and continued strong growth momentum in Thailand and Singapore, driven by further margin expansion, again maintaining the positive trend established in the first half of the year.
Malaysia achieved excellent VONB growth on constant exchange rates from higher agent productivity driving strong ANP growth. Korea reported lower VONB compared with the third quarter of 2014 following continued challenging market conditions, as noted in the first half results.
Other Markets delivered excellent VONB growth compared with the third quarter of 2014 due to strong performances across our markets, in particular Australia, Indonesia, the Philippines and Vietnam.