HONG KONG SAR – Media OutReach Newswire – March 18, 2024 – AIA Hong Kong Achieved 10th No.1 Market Share in 2023 Provisional Hong Kong Long-Term Insurance Business Statistics1, leading the sector as the undisputed market champion. Meanwhile, AIA Hong Kong and Macau recorded exceptional business performance with growth on multiple fronts in 2023: value of new business (VONB) up 82 percent, annualized new premiums (ANP) up 123 percent .2making it the largest contributor to the AIA Group’s VONB.
10 No.1 Market Share in 2023 Provisional Hong Kong Long-Term Insurance Business Statistics1:
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New annualized premiums3
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Number of policies in force
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Number of new trade policies
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Number of new onshore trade policies
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New annualized agency channel bonuses3
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New Office bonuses from Agency Channel4
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Number of new business policies coming from the agency channel
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New brokerage channel annualized premiums3
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Number of new trade policies coming from the brokerage channel
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New linked annualized bonuses3
Exceptional VONB performance, largest VONB contributor to the AIA Group2
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VONB of $1,430 million, up 82 percent
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NPA of $2,407 million, up 123 percent
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VONB Agency up 57 percent, supported by active agents up 12 percent, new hires up 59 percent and the company’s focus on the Premier Agency strategy
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VONB partnership distribution channel more than tripled year-over-year
(Growth rates are shown at constant exchange rates)
AIA Hong Kong & Macau’s strong performance was supported by growth in its domestic and mainland visitor (MCV) business as well as its agency and partnership distribution channels. The Hong Kong and Macau business was the largest contributor to the Group’s VONB in 2023, as it successfully captured the very strong demand from the MCV segment following the full resumption of normal travel in February 2023. The Company continued to increase the number of active financial planners. and work closely with its distribution partners to leverage sustainable and growing opportunities in the MCV segment, which contributed approximately half of AIA Hong Kong and Macau’s VONB in 2023.
Mr. Alger Fung, Chief Executive Officer of AIA Hong Kong and Macau, said: “I am delighted to see AIA Hong Kong being the undisputed market champion of the industry with 10 #1 market shares.1while the Hong Kong and Macau operations being the largest contributor to AIA Group’s VONB in 20232. Our most sincere gratitude to our customers for their support and trust; and our frontline and support teams for their dedication.
“This exceptional performance reflects AIA’s commitment to a customer-centric approach, our differentiated health and wealth propositions that truly meet the needs of our customers, the exceptional enterprise solutions we deliver , including our exceptional MPF performance, service excellence and digital innovation through constant investments in technology, data and analytics and the professionalism of our teams comprised of financial planners, distribution partners and our business colleagues.
“What makes us really proud is that apart from the excellent financial performance, we have also contributed to the community through various activities and ESG. Hosting our AIA Carnival, being the title sponsor of Oxfam Trailwalker for the 9th year in a row, supporting youth development. Through AIA Scholarships and the AIA Healthiest Schools program, we strive to make a positive difference in the community. Moving forward, we will continue with our customer-centric approach, going above and beyond for our customers as we aspire to be their #1 choice and help. everyone lives healthier, longer, better lives. »
Remarks:
1 Provisional statistics from the Insurance Authority on Hong Kong’s long-term insurance business from January to December 2023. Policies refer to direct new business and direct in-force business of individual life insurance, annuity and related individual (Classes A and C) and other individual cases (Classes B, D, E&F). “Agency Channel” refers to “Agents” as classified by the Hong Kong Insurance Authority under Distribution Channel. “Brokerage Channel” refers to “Brokers” classified by the Hong Kong Insurance Authority under Distribution Channel.
2 Source: AIA Group Limited 2023 Annual Results “Results Highlights” and “Announcement”.
3 The “New Annualized Premiums” represent 100% of the annualized premium for the first year and 10% of the single premium.
4 “New Office Bonuses” represent 100% of the annualized premium for the first year and 100% of the single premium.
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