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 2.5 per cent to HK$61.25 on Friday after the announcement.
“AIA is uniquely well-positioned to capitalise on the long-term growth potential in the world’s most attractive market for life and health insurance in Asia, where there is ample headroom for growth,” CEO Lee Yuan Siong said in a briefing.
The company is “very positive about the prospects for future performance” and would continue to recruit new sales agents and to establish banking partnerships across the region, Lee added.
The insurer would also continue to invest in its digital platforms and artificial intelligence to enhance the productivity of agents and the claim process, Lee said.
