AIA Singapore has announced a 15% year-on-year (YoY) growth in the Value of New Business (VONB) for fiscal year 2024, driven by robust performance across both its agency and partnership distribution channels.
The company’s Annualised New Premium (ANP) surged by 52% YoY, reaching $897 million. However, the VONB margin decreased by 16.8 percentage points to 50.5%, reflecting a strategic shift towards long-term savings products targeting the wealth segment.
In addition, Total Weighted Premium Income (TWPI) saw a 13% YoY increase.
Operating Profit After Tax (OPAT) experienced a modest 1% YoY growth. The rise in business volume was tempered by lower investment income from surplus assets, influenced by higher remittances to support AIA Group’s share buy-back program, as well as a weaker non-medical claims experience compared to 2023.
Related topics
