AIA posts record 2024 earnings as new business in Hong Kong, Southeast Asia surges
Hong Kong new sales rose 23 per cent to a record US$1.8 billion in 2024 as mainland Chinese bought more policies on their visits
AIA Group, the biggest insurer in Asia-Pacific, said earnings rose to an all-time high last year as demand for higher investment returns from mainland Chinese visitors fuelled record sales in Hong Kong.
Net profit surged 82 per cent from a year earlier to US$6.84 billion, or 62 US cents per share, the company said in a Hong Kong stock exchange filing on Friday, the highest since its listing in the city in 2010. The performance topped market consensus of US$6.345 billion by analysts compiled by Bloomberg.
AIA also announced a new round of US$1.6 billion share buy-back programme, on top of the US$12 billion repurchases completed in February. Its shares dropped 2.4 per cent to HK$61.30 at 9.45am local time after the announcement.
“AIA is uniquely well-positioned to capitalise on the long-term structural growth potential in the world’s most attractive market for life and health insurance through the consistent execution of our clear and ambitious strategy,” CEO Lee Yuan Siong said in the filing. “I am confident that AIA’s long term business prospects remain exceptional.”
AIA’s value of new business (VONB), a measure of sales and future growth in insurance, rose 18 per cent from a year earlier to a record US$4.71 billion in 2024 Hong Kong and mainland China, its two biggest markets making up 63 per cent of new businesses, recorded strong growth last year, it added.
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