Single premium business jumped 183% while annualised first year premiums increased 4%.
AIA Thailand’s new business premiums rose 18% year-on-year in the latest monthly data, but the insurer’s strong growth is being measured against a broader Thai life market that saw new business premiums remain flat, according to Jefferies.
Annualised first-year premiums at AIA Thailand increased 4%, whilst single premiums surged 183%. Total premiums, including renewing business, rose 9%. On Jefferies’ calculations, AIA’s annualised new premium (ANP) grew 6% and total weighted premium income (TWPI) increased 7%.
The wider Thai life insurance market recorded a 14% rise in annualised first-year premiums, but single premiums fell 22%, leaving overall new business premiums flat.
Total premiums increased 4%, whilst ANP rose 12% and TWPI grew 7%.
The figures highlight a key risk for AIA: maintaining growth in Thailand as it faces a tougher comparison following a strong 2025 performance.
Jefferies said the segment was a standout performer last year, creating a high base for 2026.
AIA remains Thailand’s largest life insurer, accounting for 17% of new premiums, 20% of ANP, 26% of total premiums and 27% of TWPI, based on the latest data.
Thailand is also an important contributor to AIA Group. The business accounted for 15% of group value of new business (VONB) and 12% of embedded value in the first half of 2026, making it AIA’s third-largest market.
Jefferies also pointed to the concentration of AIA Thailand’s business in protection and fee-based products as a strength, but its performance remains exposed to changes in consumer demand and the wider Thai life market.
Protection products accounted for 77% of AIA Thailand’s FY2025 VONB, whilst unit-linked products made up 15% and more capital-intensive products 8%.
The insurer has more than 5 million customers and over 24,000 active agents, with more than 90% customer persistency. It also has a strategic partnership with Bangkok Bank.