HKEX | 1299
AIA delivers VONB growth 18% in the 1Q, lower than expected
AIA (1299) announced the result of Q1. During the period, the value of new business (VONB) increased by 18% to USD 1,169 million yoy. Annualized new premiums (ANP) increased by 11% to USD 1,827 million. VONB margin up by 4.1pps to 63.6%. Total weighted premium income (TWPI) up by 18% to USD 8,276 million.
In HK market, it’s generated double-digit VONB growth in the Q1 of 2019, driven by both agency and partnership distribution channels. VONB grew for both domestic and Mainland Chinese visitor customer segments. The Company’s wholly-owned operation in China was the fastest growing reportable market segment and delivered VONB growth in the Q1 of 2019. The company also began preparatory work on the new sales and service centres in Tianjin and Shijiazhuang, Hebei.