AIA posts record 2024 earnings as new business in Hong Kong, Southeast Asia surges
AIA Group, the largest insurer in the Asia-Pacific region, reported record earnings for last year, driven by strong demand from mainland Chinese visitors seeking higher investment returns in Hong Kong. Net profit soared 82% to US$6.84 billion, surpassing market expectations and marking the highest profit since its 2010 listing. The company also announced a new US$1.6 billion share buy-back program, adding to the US$12 billion already completed in February.
CEO Lee Yuan Siong expressed confidence in AIA's long-term prospects, citing the company's strategic positioning to capitalize on growth opportunities in the life and health insurance market. The value of new business (VONB) rose 18% to a record US$4.71 billion in 2024, with Hong Kong and mainland China contributing significantly, accounting for 63% of new businesses. Despite the positive results, AIA's shares experienced a slight dip following the announcement.
via SCMP Full Text Feed
AIA Group, the largest insurer in the Asia-Pacific region, reported record earnings for last year, driven by strong demand from mainland Chinese visitors seeking higher investment returns in Hong Kong. Net profit soared 82% to US$6.84 billion, surpassing market expectations and marking the highest profit since its 2010 listing. The company also announced a new US$1.6 billion share buy-back program, adding to the US$12 billion already completed in February.
CEO Lee Yuan Siong expressed confidence in AIA's long-term prospects, citing the company's strategic positioning to capitalize on growth opportunities in the life and health insurance market. The value of new business (VONB) rose 18% to a record US$4.71 billion in 2024, with Hong Kong and mainland China contributing significantly, accounting for 63% of new businesses. Despite the positive results, AIA's shares experienced a slight dip following the announcement.
via SCMP Full Text Feed
