AIA (01299.HK) +3.300 (+6.111%) Short selling $1.41B; Ratio 18.616% announced that for 1Q24 ending March this year, its value of new business (VONB) reached a record quarterly high of US$1.327 billion, surging 31% YoY on constant exchange rate (CER) terms and 27% on actual exchange rate (AER) terms, with double-digit growth across all reportable segments.
The VONB margin was 54.2%, up 2.1 ppts YoY on CER terms and 1.9 ppts on AER terms. Annualised new premiums (ANP) were US$2.449 billion, hiking 26% YoY on CER terms and 23% on AER terms.
AIA's China operations achieved 38% growth in VONB during the quarter, with a further increase in VONB margin to 54.6% from 52.7% in 2H23. Hong Kong operations delivered 43% VONB growth and a VONB margin of 64.3%, up from 58.1% in 2H23. Thailand operations delivered double-digit VONB growth with a VONB margin of over 90%.
Lee Yuan Siong, AIA’s Group CEO and President, noted that the group's focus continued to be on driving profitable new business growth that would make a material difference in shaping its financial future by delivering increased future earnings, free surplus generation and ever-greater shareholder value.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-29 16:25.)
