AIA’s First-Quarter VONB Growth in Hong Kong Remained Positive Despite COVID-19 Outbreak

AIA Group’s first-quarter financial highlights reported an 18% year-on-year contraction in value of new business, or VONB, and a 5% increase in total weighted premium income on a constant currency basis. The results highlighted resilient demands for life and health insurance products across AIA’s geographically diversified portfolio of business across Asia. Despite the COVID-19 outbreak, the Hong Kong market achieved a positive year-on-year growth in VONB, beating our expectation for a decline. The growth was supported by growing demands in both Premier Agency and partnership channels, and a substantial increase in VONB from sales to mainland Chinese visitors in Macau.