In 2023, AIA Group's annual VONB increased by 33% due to strong demand for insurance products in Hong Kong, driven by mainland Chinese customers seeking lower premiums and higher returns.
AIA Group's annual value of new business (VONB) increased by 33% in 2023, driven by strong demand for insurance products in Hong Kong. The Asia-focused insurer benefitted from a surge in customers from mainland China who travelled to buy offshore products, as they sought potentially lower premiums and higher returns. A comparative shortage of investment channels amid China's weakening yuan has led to a rise in interest in offshore insurance policies. Mainland Chinese tourists spent HK$59 billion ($7.54 billion) on insurance policies in Hong Kong last year, according to data from the territory's Insurance Authority.
March 13, 2024
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