AIA Group has reported value of new business (VONB) of US$1,415m for the third quarter of 2026, down 5% at constant exchange rates against exceptionally high prior-year comparatives in Hong Kong and the Chinese Mainland.
Nine-month VONB rose 5% to US$4,627m, and September VONB grew more than 25% year on year. The Q3 VONB margin rose 5.3 percentage points to 63.5%. Growth rates are on a constant exchange rate basis unless stated.
By segment, Q3 VONB was down 3% in Hong Kong and down 33% in China, and up 9% in Thailand, 22% in Singapore, 10% in Malaysia, and 14% in Other Markets. VONB from the Group's other reportable segments outside Hong Kong and the Chinese Mainland rose 18%.
AIA Hong Kong VONB grew 20% across August and September combined, following exceptional sales in July 2025. AIA said the decline in China reflects accelerated customer purchases ahead of industry-wide repricing on 1 September 2025.
Lee Yuan Siong, AIA's Group Chief Executive and President, said: "AIA delivered VONB growth of 5 per cent for the first nine months of 2026, despite exceptionally high prior-year sales in Hong Kong and the Chinese Mainland that affected third-quarter growth. Group VONB rebounded strongly in September, delivering year-on-year growth of more than 25 per cent."
He added: "We entered the fourth quarter with strong momentum and remain confident in our outlook. As announced with our 2026 interim results, we expect to exceed our 9 to 11 per cent OPAT per share CAGR target from 2023 to 2026, demonstrating how our profitable new business growth translates into increased earnings and long-term value for shareholders."
The release also states that a 50 basis point parallel upward shift in the US interest rate curve would lead to a 1% decline in Group embedded value.
AIA Group is a pan-Asian life and health insurer listed in Hong Kong.
