Blue Cross (Asia-Pacific) Insurance Limited, a general insurer under the AIA Group umbrella, recorded a 22.1% increase in gross written premiums in 2024.
The company noted that the latest figure surpasses the average growth rate of Hong Kong’s general insurance market, which was 6.3%, according to preliminary figures released by the Insurance Authority.
Premium gains were largely driven by growth in Blue Cross’s non-medical insurance business, which climbed 31.7% over the previous year. This segment’s expansion stood in contrast to a modest 0.9% contraction across the broader market.
Within this category, travel and personal accident insurance led the increase, rising by 36.7%, while growth was also noted in motor, employees’ compensation, and general liability products.
Medical insurance maintained a steady pace, with premiums up 19.1% year-on-year.
Bonnie Tse, CEO of Blue Cross, attributed the company’s growth to its operational resilience and collaboration with partners.
“Thanks to the staunch support of our customers and the collective efforts of our business partners, frontline, and back-office teams, Blue Cross delivered wonderful results in 2024 with multiple business lines outperforming the market, cementing our strong position in the general insurance industry,” she said.
Looking ahead, Blue Cross said it will continue refining its offerings to provide timely and suitable protection solutions across different segments.
“We remain confident in our growth trajectory. Staying true to our customer-centric philosophy, we will continue to enhance our products and services catered to the needs and pain points of customers, ensuring the right protection at the right time for the right budget,” Tse said.
At the group level, AIA Group Limited reported that its value of new business (VONB) rose by 18% to US$4.71 billion for the year ending Dec. 31, 2024. Annualised new premiums (ANP) also grew 14% to reach US$8.61 billion. All business units reported double-digit growth in VONB, and the VONB margin expanded by 1.9 percentage points to 54.5%.
The group’s embedded value (EV) equity increased to US$71.6 billion after shareholder returns, marking a 9% rise on a per-share basis. Operating profit on an EV basis reached US$10.03 billion, up 19% per share, with return on EV growing by 200 basis points to 14.9%.
Operating profit after tax increased 12% per share to US$6.61 billion. AIA reaffirmed its target to achieve a compound annual growth rate of 9% to 11% in OPAT per share from 2023 through 2026. Operating return on equity improved to 14.8%, up by 1.3 percentage points from the previous year.
Free surplus generation for 2024 was US$6.33 billion, with US$4.02 billion net surplus following new business investments. The group's solvency ratio was 236% at year-end.
