Insurance - Asia-Pacific: Regional lifers: Hong Kong growth to slow in 2Q26, but China can help

Research evidence excerpt

Insurance - Asia-Pacific: Regional lifers: Hong Kong growth to slow in 2Q26, but China can help

Mainland China

Mainland China is the 2nd largest market of AIA which has a 100%-owned subsidiary in

the country, compared to Pru which owns a 50% stake in its Joint Venture with CITIC

Group in China. AIA China contributed 21% of the group VNB (before adjustment) in

2025 while Pru received 10% of its group VNB from its China JV. FWD does not have

operations in Mainland China. After the weaker growth in Mainland China in 2025 due

partially to the changes in investment return assumptions, AIA China’s growth recovery

is the top catalyst to the long-term growth of AIA.

AIA

Company commentary

“AIA China’s strong momentum in the second half of 2025 has continued into the first

quarter of 2026 with excellent VNB growth of 26%, driven by very strong performances

from both our differentiated Premier Agency and selective bancassurance business. While

we saw strong demand for our long-term savings solutions, our focus on advising customers

across their financial needs delivered 17 per cent growth in VNB from protection products in

the first quarter.

Our unique Premier Agency model is fundamental to the ongoing success of AIA China.

Recruitment momentum remained strong, with a further increase of more than 20 per cent

in the number of new recruits, while we also saw strong increases in productivity from both

our new and existing agents compared with the first quarter of 2025. We continued to

deliver excellent VNB growth from the new geographies that we have entered since 2019,

reinforcing our confidence in meeting our 2030 ambition.”

Our takeaways

The VNB in AIA China in 1Q26 was the highest 1Q result in its history, according to our

estimates.