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AIA's New Business Value Surges, Boosts Share Buyback by $2 Billion

Hong Kong-based insurer AIA Group reports significant growth in new business value and announces an expansion of its share buyback program.

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Lee Yuan Siong, AIA’s group CEO and president, appears at a press conference at AIA Central on March 14, 2024. Photo: Jonathan Wong
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Overview

  • AIA Group's new business value increased by 27% to $1.3 billion in the first quarter, driven by strong performance in Hong Kong and mainland China.
  • The insurer has added $2 billion to its existing $10 billion share buyback program, reflecting confidence in its financial stability and future prospects.
  • Annualized new premiums rose by 23% to $2.4 billion, with significant contributions from tax-deferred pension products in mainland China.
  • AIA's Hong Kong and mainland China operations continue to be major contributors to its growth, with new business value in Hong Kong up 43% and mainland China up 38%.
  • Despite the growth, AIA's Hong Kong-listed shares have fallen 38% since 2022, influenced by investor concerns over regional company performance and regulatory challenges.