AIA DELIVERS RECORD THIRD QUARTER VALUE OF
NEW BUSINESS UP 25 PER CENT TO US$1,476 MILLION
Mr.Lee Yuan Siong, AIA’s Group Chief Executive and President, said:“AIA’s continued strong execution of our growth strategy has delivered another excellent quarter as we capture the unparalleled opportunities in life and health insurance markets across Asia. In the third quarter of 2025, we grew VONB by 25 per cent compared with the same period last year and we achieved double-digit growth in 11 markets.
“Our unrivalled distribution platform is a key competitive advantage and both our Premier Agency and partnership distribution channels generated very strong growth during the quarter. I am confident that the continued compounding of high-quality new business will grow our in-force portfolio and drive higher earnings and cash generation for many years to come.
“We are delighted to welcome back Sir Mark Tucker to AIA as Independent Non-executive Chairman from 1 October 2025. With Sir Mark’s exceptional track record of strategic leadership, his deep understanding of Asia and strong global reputation, I am certain that we can build on the foundations of success that define AIA today and continue to deliver long-term sustainable value for all our stakeholders.”
AIA delivered excellent growth in VONB of 25 per cent to US$1,476 million in the third quarter of 2025, with double-digit increases from 11 of our 18 markets.
AIA’s key distribution channel, our industry-leading Premier Agency, achieved 19 per cent growth and generated over 70 per cent of the Group’s VONB. Strong recruitment momentum continued, with 18 per cent growth in new recruits, supporting a further increase in the number of active agents. Our fast-growing and complementary partnership distribution channel saw a 46 per cent increase in VONB, driven by an excellent performance from the independent financial adviser (IFA) and broker channel in Hong Kong and our bancassurance businesses.
AIA Hong Kong grew by 40 per cent to a record high quarterly VONB, with excellent growth from both our domestic and Mainland Chinese visitor customer segments. Premier Agency, our principal distribution channel in Hong Kong, achieved 20 per cent growth from a double-digit increase in active agents and higher productivity. We saw an excellent increase in VONB through our exclusive bancassurance partnerships, while the IFA and broker channel more than doubled from a low base last year.
AIA China delivered excellent VONB growth of 27 per cent, on a reported basis after the effects of economic assumption changes. Both our differentiated Premier Agency and high-quality bancassurance partnerships grew very strongly and protection products increased by 20 per cent. The return to excellent positive growth in the third quarter has lifted the nine-month result to a 5 per cent year-on-year increase in VONB.
Our Premier Agency is the foundation of our success in Mainland China, combining our highly trained professional agents with innovative products to meet the financial needs of middle-class and affluent customers. Premier Agency grew year-on-year by 23 per cent with a VONB margin above 60 per cent. Recruitment momentum was very strong with the number of new recruits increasing by 17 per cent, supporting a 9 per cent increase in active agents. Our geographical expansion continued to progress at pace, with VONB from the new geographies entered since 2019 doubling year-on-year and, in aggregate, contributing 11 per cent of AIA China’s VONB.
In Thailand, we remain the clear market leader and achieved 20 per cent VONB growth in the third quarter of 2025. Continued strong demand for our traditional protection and unit-linked products supported a similar level of VONB margin as reported in the first half of the year. Our focus on quality recruitment delivered an increase in both the number of new recruits and agency leaders.
AIA Singapore also achieved strong VONB growth, driven by both our agency and partnership distribution channels. Our highly productive and professional agency continued to see strong growth in recruitment which was up 9 per cent. Excellent performance from our partnership distribution was powered by strong sales of our wealth propositions to high-net-worth customers and higher demand from offshore customers.
AIA Malaysia returned to overall positive VONB growth in the third quarter of 2025 as the decline in agency narrowed compared with the first half of the year, and was more than offset by a continued double-digit increase from our partnership distribution. In agency, we achieved higher agent productivity and VONB grew compared with the second quarter of 2025. Our bancassurance channel delivered positive growth, driven by the successful launch of new propositions for high-net-worth customers.
In aggregate, the ASEAN markets delivered 15 per cent higher VONB, supported by double-digit growth from both agency and partnership channels.
Our Other Markets segment’s VONB was the same level as last year, with double-digit growth from South Korea, Vietnam and India offset by a decline in Australia and Taiwan (China). Tata AIA Life, our joint venture in India, continued to deliver excellent VONB growth across all distribution channels and maintained its number one industry ranking in retail protection in the third quarter of 2025(13).
Overall, VONB for the Group was up by 25 per cent to US$1,476 million. Annualised new premiums (ANP) grew by 14 per cent to US$2,550 million, while VONB margin increased by 5.7 pps to 58.2 per cent, due to a favourable shift in product mix. Margin reported on a present value of new business premium (PVNBP) basis increased from 10 per cent to 11 per cent, while total weighted premium income (TWPI) increased by 14 per cent to US$11,910 million.
New business contractual service margin (NB CSM) for the third quarter of 2025 increased by over 25 per cent. Successive layers of profitable new business add to our substantial, recurring earnings from in-force business, reinforcing our confidence in delivering our operating profit after tax (OPAT) per share CAGR target of 9 to 11 per cent from 2023 to 2026.
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