AIA's new business value falls 5% on China, Hong Kong weakness

September sales momentum improved with growth exceeding 25% year on year.

AIA Group expects stronger new business growth in the fourth quarter of 2026 after its value of new business (VONB) rebounded by more than 25.0% year on year in September, following a 5.0% decline in the third quarter.

AIA also expects to exceed its target of 9.0% to 11.0% compound annual growth in operating profit after tax per share between 2023 and 2026, as announced in its interim results.

The insurer’s VONB fell to $1.4b in the three months ended 30 September from $1.5b a year earlier, as weaker results in Hong Kong and the Chinese Mainland offset growth in other markets. 

The decline was partly due to exceptionally high sales in Hong Kong and the Chinese Mainland in July and August 2025.

For the first nine months of 2026, VONB rose 5.0% to $4.6b from $4.3b a year earlier, supported by growth across all reportable segments except Thailand.

AIA said its other reportable segments recorded combined VONB growth of 18.0% in the third quarter, helping offset declines in its two largest markets.

Group chief executive and president Lee Yuan Siong said demand for protection, health, savings and retirement products remained strong across AIA’s markets. 

The insurer also reported year-on-year increases in active agents, new recruits and agency leaders, alongside stronger engagement with bank partners.

“Agency fundamentals continue to strengthen, with higher numbers of active agents, new recruits and new leaders year-on-year, alongside deeper engagement with our bank partners,” Lee said in the press release.