AIA's independent financial adviser and broker channel grew value of new business (VONB) by 21% in the first half of 2026, its fastest-growing distribution route after agency. The growth, however, is concentrated in a shrinking pool of partners the insurer has chosen to work with.
In Hong Kong, AIA engages with roughly 10% of the market's brokers, deepening relationships with that select group rather than broadening its network, according to the insurer's interim results presentation. Partnership distribution VONB in Hong Kong has grown at a 28% compound annual rate since the first half of 2023, with margins near 65% - among the highest of any distribution channel AIA reports.
Group-wide, VONB from AIA's intermediated channels rose 21%, which AIA said reflected "disciplined engagement with our high-quality partners", with the vast majority of this business sitting in Hong Kong and Singapore.
The pattern fits a broader shift AIA has been making across the region. The insurer has been steering its distribution and product strategy toward affluent and high-net-worth segments in both Hong Kong and Singapore, rather than pursuing volume across the broader market.
For brokers, the distinction matters. AIA's broker channel is growing faster than its overall business - VONB from partnership distribution rose 18% group-wide, against 10% for the Group overall - but that growth is not evenly available. Brokers outside AIA's preferred tier are working with a carrier that is actively consolidating around fewer, deeper relationships rather than opening up to more.
AIA's overall first-half results were strong across the board: value of new business rose 10% to US$3.2 billion, operating profit after tax rose 13% per share, and the interim dividend increased 10% to 53.90 Hong Kong cents. Group chief executive Lee Yuan Siong said the results reflected demand for the insurer's "professional advice and differentiated products" across the region.
With AIA's broker and IFA channel margin now above 46% group-wide and rising, brokers positioned as preferred partners stand to access some of the most profitable growth in the market - a gap worth factoring into placement and partnership decisions with AIA relative to other carriers.
