Blue Cross (Asia-Pacific) Insurance Limited, a key player under the AIA Group, reported a notable 22.1% increase in gross written premiums for 2024, surpassing the average growth rate of Hong Kong’s general insurance market, which stood at 6.3%, according to preliminary data from the Insurance Authority.
Strong Performance in Non-Medical Insurance
The growth was driven primarily by the company’s non-medical insurance sector, which saw a 31.7% year-on-year increase. This performance contrasted with a slight 0.9% decline across the broader market in the same category. Among the non-medical products, travel and personal accident insurance led the charge with a remarkable 36.7% growth. Other areas, including motor insurance, employees’ compensation, and general liability products, also saw positive results.
Medical insurance, which forms a key part of Blue Cross’s portfolio, reported steady growth, with premiums increasing by 19.1% compared to the previous year.
CEO Highlights Operational Resilience
Bonnie Tse, CEO of Blue Cross, credited the company’s strong performance to its operational resilience and effective partnerships. “Thanks to the steadfast support of our customers and the collaborative efforts of our business partners, as well as our frontline and back-office teams, Blue Cross has achieved remarkable results in 2024, with several business lines outperforming the market,” Tse said. “These results solidify our position as a leading force in the general insurance industry.”
Strategic Outlook for Continued Growth
Looking ahead, Blue Cross plans to refine its product offerings to ensure timely and relevant protection solutions across various customer segments. Tse reaffirmed the company’s confidence in its growth trajectory, stating, “We remain committed to our customer-centric philosophy, continuously enhancing our products and services to meet the evolving needs and pain points of our clients, ensuring they receive the right protection at the right time and at the right price.”
AIA Group’s Strong Results in 2024
On a group level, AIA Group Limited reported impressive growth for 2024. The value of new business (VONB) rose by 18% to US$4.71 billion, while annualised new premiums (ANP) grew 14% to US$8.61 billion. All of AIA’s business units posted double-digit growth in VONB, with the VONB margin expanding by 1.9 percentage points to 54.5%.
AIA’s embedded value (EV) equity surged to US$71.6 billion after shareholder returns, representing a 9% increase per share. Operating profit on an EV basis reached US$10.03 billion, marking a 19% increase per share, while return on EV grew by 200 basis points to 14.9%. Operating profit after tax rose by 12% per share to US$6.61 billion.
AIA reaffirmed its target to achieve a compound annual growth rate of 9% to 11% in operating profit after tax per share (OPAT) from 2023 to 2026. Additionally, the group’s solvency ratio stood at 236% at year-end, and free surplus generation totaled US$6.33 billion, with US$4.02 billion in net surplus following new business investments.
Related topic:
ABI Confirms David Otudeko as New Director of Regulation
Auckland Insurance Adviser Sentenced for $775,000 Fraud Scheme
