AIA announced a 13% growth in value of new business (VONB) on constant exchange rates for the first quarter ended 31 March 2025.
Growth rates are shown on a constant exchange rate basis.
• VONB up 13% to $1.497bn
• Annualised new premiums (ANP) increased by 7% to $2.617bn
• VONB margin up 3.0 pps to 57.5%
• New business contractual service margin (NB CSM) up 16%
• Shareholder capital ratio remained strong and comfortably above 200%
“AIA has continued to build on our excellent results and momentum in 2024 with VONB of $1.5bn in the first quarter of 2025, up 13% compared with last year’s record quarterly result. Our ability to capture profitable new business opportunities sustainably at scale is the direct result of our highly diversified and resilient business model and growing demand for AIA’s products and services,” said AIA group chief executive and president Lee Yuan Siong.
It's largest business, AIA Hong Kong, delivered another very strong quarter with VONB up 16%, supported by balanced growth across both the domestic and Mainland Chinese visitor (MCV) customer segments.
AIA China’s VONB was up by 8%, before the effects of economic assumption changes, compared with the very strong result we reported in the first quarter of 2024. VONB included in the Group’s reported results for the first quarter of 2025 reflects Chinese government bond spot yields as of 31 December 2024, as well as the reduction of 80 basis points in our long-term investment return assumption made at the end of 2024. On this prudent basis, VONB reduced by 7% compared with the first quarter of 2024 while VONB margin was above 50%, as previously indicated.