AIA Q3 new business value down 5%; Hong Kong up 20% in August and September

Down 5% for the quarter, yet up more than 25% in September alone. The two halves of AIA's third-quarter 2026 figures moved in different directions.

According to a Dim Sum Daily report on 30 October 2026, AIA's third-quarter value of new business (VONB) fell 5% year on year at constant exchange rates, to US$1.415 billion. The report said the weaker markets were Hong Kong and Mainland China.

Hong Kong slips slightly for the quarter, recovers in August and September

Hong Kong's third-quarter VONB fell 3% year on year. However, the report said August and September combined rose 20% year on year.

In other words, Hong Kong performed better in the later part of the quarter than the full-quarter figure suggests.

Mainland China down 33%; report cites high base last year

Mainland China's third-quarter VONB fell 33%. The report attributed this mainly to a high base in the same period last year, when customers bought ahead of the 1 September repricing of products, lifting the comparison.

The report added that VONB in the Mainland China agency channel returned to strong growth in September, supported by an increase in the number of existing and newly recruited active agents.

Margin up, annualised new premiums down

• The group's third-quarter VONB margin was 63.5%, up 5.3 percentage points.
• Annualised new premiums fell 13% year on year, to US$2.237 billion.
• Group VONB for September rose by more than 25% year on year.

With annualised new premiums lower and the margin higher, each US dollar of annualised new premium produced more VONB than in the same period last year.

All figures above come from media reports; this article could not check them against AIA's original press release.

Analysis: what this means for recruiting teams

First, the report links the September recovery in AIA's Mainland China agency channel to a higher number of active agents, including newly recruited ones. For recruiting teams, this suggests that whether new recruits become active is one of the factors the report cites in explaining that company's growth.

Second, single-quarter figures can be distorted by the base period. Mainland China's 33% fall is tied to customers buying ahead of repricing a year earlier; Hong Kong fell 3% for the quarter but rose 20% across August and September. Judging a market by one quarter alone can point the wrong way, so monthly trends are worth following too.

Third, the report gave no change in Hong Kong agent numbers. Whether recruiting demand in Hong Kong is expanding at the same pace can only be judged once the company discloses figures in its formal documents.

Agent data disclosed by companies can complement sales figures, but until the numbers are published they should not be used to infer the direction of the recruiting market.

Compiled by the F50 Editorial Team from public sources, for general reference only and not professional advice. Details are correct as of the publication date and may change.