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AIA China Targets Strong Double-Digit New Business Growth Through 2030

Prime Highlights

  • AIA China aims for strong double-digit new business growth over the next five years, supported by broad expansion across mainland regions.
  • New geographies are driving momentum, contributing an increasing share to the company’s value of new business.

Key Facts

  • Five developing regions recorded 35% year-on-year VONB growth, while four newly launched regions also showed rapid progress.
  • Protection product sales rose 20% year-on-year, and new agent recruitment increased 17%in Q3 2025.

Background

AIA China plans to achieve strong double-digit growth in new business over the next five years by expanding widely across mainland China. According to a forecast by UOB Kay Hian, the insurer could achieve value of new business (VONB) growth in the high-teens from 2025 to 2030, driven largely by performance in new regional markets.

The company has placed new geographies at the centre of its growth plan. Five developing regions, Hebei, Tianjin, Sichuan, Henan, and Hunan, recorded 35 percent year-on-year VONB growth. Meanwhile, four regions launched this year, Anhui, Shandong, Chongqing, and Zhejiang, also saw rapid progress. The contribution of new geographies to AIA China’s VONB rose to 11 percent in the first half of 2025, compared with 8 percent a year earlier.

UOBKH analyst Kenny Lim Yong Hui said the rapid expansion of both agency and bancassurance channels, along with a strong mass affluent customer base, supported the acceleration in new regions. He said that AIA can keep its sales growing even after the industry-wide spike in August 2025, before pricing rate changes.

Demand for protection products also strengthened. Management reported 20 percent year-on-year growth in protection sales, driven by improving appetite for critical illness products despite a softer consumption environment.

AIA’s recruitment trends send another positive signal. The company grew its number of new agents by 17 percent year-on-year in the third quarter of 2025. Lim said that AIA’s continued expansion across regions sets it apart from many competitors and gives the company more ways to grow in the long term.

Analysts believe that with its expanding footprint, rising agent strength, and sustained demand for protection offerings, AIA China is positioned to maintain a solid new-business trajectory through the decade.