AIA Singapore’s 2023 VONB climbs 10% YoY

Group-wide, it saw its VONB surge 33%.

AIA Singapore saw its value in new business (VONB) climb 10% year-on-year (YoY) in 2023 to $526.9m (US$394m), influenced by agency and partnership distribution channels.

Its annualised new premium (ANP) rose by 8% to $783.7m (US$586m). Operating profit after tax (OPAT) slightly decreased by 2%, attributed to increased remittance to the group corporate centre and improved claims experience offsetting poorer medical claims.

The tied distribution channel, including agency force and AIA Financial Advisers, saw double-digit growth, driven by a premier agency strategy and digital innovation.

ALSO READ: AIA Singapore welcomes interns in first corporate-led programme

Partnership channel growth was fueled by the Citibank bancassurance partnership and the launch of AIA Platinum Infinite Wealth in August 2023.

Group-wide, it saw its VONB surge 33% to $5.4b (US$4.0b). For the year, ANP increased by 45% to $10.3b (US$7.7b).

The year ended with a final dividend of 119.07 Hong Kong cents per share. Its total dividend ended at 161.36 Hong Kong cents per share, up 5%. A total of $4.8b (US$3.6b) was returned to shareholders through the share buy-back programme in 2023.

Follow the link for more news on

AIA

insurance

Also Read

High-income S’poreans grapple with retirement planning amidst rising financial needs

Financial and planning gaps leave Singaporeans unprepared for retirement: report

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit