AIA Hong Kong tops 10 market share segments in Hong Kong’s long-term insurance business sector

AIA Hong Kong tops 10 market share segments in Hong Kong’s long-term insurance business sector | Insurance Business Asia

Insurance News

AIA Hong Kong tops 10 market share segments in Hong Kong’s long-term insurance business sector

AIA Hong Kong & Macau also became the largest contributor to the group’s VONB

Insurance News

By
Abigail Adriatico

AIA Hong Kong has topped 10 market share segments in the Provisional Statistics on Hong Kong Long Term Insurance Business for 2023.

The segments that AIA Hong Kong topped were

annualised new premiums
number of Inforce policies
number of new business policies
number of onshore new business policies
annualised new premiums from agency channel
new office premiums from agency channel
number of new business policies from agency channel
annualised new premiums from brokerage channel
number of new business policies from brokerage channel
linked annualised new premiums

Apart from this, AIA Hong Kong & Macau also saw exceptional growth on multiple fronts in 2023, which caused it to be the biggest contributor to the value of new business (VONB) of the AIA Group.

Its VONB in 2023 was US$1,430 million, an 82% increase, while its annualised new premiums (ANP) were up by 123% to US$2,407 million. The agency VONB had also increased by 57%.

“I am delighted to see AIA Hong Kong being the undisputed market champion in the industry with 10 market share No. 1 [along with] the Hong Kong & Macau business being the largest contributor to AIA Group’s VONB in 2023,” said Alger Fung (pictured above), chief executive officer of AIA Hong Kong & Macau.

Fung noted that aside from the strong financial performance of the firm, it has also made significant contributions to the community.

“By hosting our signature AIA Carnival, being the Principal Sponsor of Oxfam Trailwalker for the ninth consecutive year, supporting youth development through AIA Scholarships and AIA Healthiest Schools Programme, we strive to make a positive difference to the community,” said Fung.

“Going forward, we will continue with our customer-centric approach, going beyond for our customers as we aspire to be their No. 1 choice and help everyone live healthier, longer, better lives.”