Asia Insurance: Key takeaways from 2026 MDRT statistics: MDRT headcount resets, AIA still leads

Research evidence excerpt

Asia Insurance: Key takeaways from 2026 MDRT statistics: MDRT headcount resets, AIA still leads

J P M O R G A N Asia Pacific Equity Research

14 July 2026

Asia Insurance

Key takeaways from 2026 MDRT statistics: MDRT

headcount resets, AIA still leads

We highlight one notable observation from the 2026 Million Dollar Round Table Insurance

AC(MDRT) statistics: Asian insurers continue to dominate the global league table, MW Kim

accounting for 89% of the top 100, as shown in Figure 1MDRT:Top10companies’geographicdistributionineachmarket(2026). However, MDRT (852) 2800-8517

recognition declined meaningfully across many Asian insurers versus the previous mw.kim@jpmorgan.com

two years, including AIA Group. In particular, MDRT headcount for AIA China J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

and its India JV fell sharply by 73% and 51% oya in 2026, which surprised us. We

Dan Wang

do not view this as an immediate red flag. MDRT qualification was relaxed during (86-21) 6106-6349

COVID-19 and the threshold is now normalising, while many Asian life insurers dan.wang@jpmorgan.com

have already surpassed their 2019 new life sales base. On a new business SAC Registration Number: S1730524080001

generation per headcount basis, we still see scope for agency productivity upside, J.P. Morgan Securities (China) Company Limited

particularly for AIA, FWD and Thai Life. Among these, we highlight AIA’s Julia Kim

favourable risk-reward, with the stock trading at 1.1x FY27E P/EV, or 12x FY27E (852) 2800-8540

P/OPAT, and offering a 4.7% total shareholder return yield. The stock has julia.c.kim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

underperformed YTD, seemingly due to uncertainty around the HK MCV market Morgan Broking (Hong Kong) Limited