AIA Holds Largest Share of Thai Life Premiums

Global Insurance Desk: AIA Thailand posted an 18% rise in new business premiums in the latest monthly figures, standing out against a Thai life insurance market that remained essentially flat overall, according to analysis from Jefferies.

Annualised first-year premiums at the insurer climbed a more modest 4%, while single premium business surged 183%. Total premiums, including renewals, advanced 9%. Jefferies calculated that AIA’s annualised new premium grew 6% and total weighted premium income rose 7%.

By comparison, the wider Thai life market recorded a 14% increase in annualised first-year premiums, yet single premiums dropped 22%, leaving overall new business premiums unchanged. Market-wide total premiums grew 4%, annualised new premium advanced 12% and total weighted premium income also rose 7%.

The results place AIA in a challenging position as it faces tougher year-on-year comparisons after a strong 2025. Still, the company remains Thailand’s largest life insurer, holding 17% of new premiums, 20% of annualised new premium, 26% of total premiums and 27% of total weighted premium income.

Thailand continues to play a meaningful role for the wider AIA Group. In the first half of 2026, the market contributed 15% of group value of new business and 12% of embedded value, ranking as the group’s third-largest territory.

Jefferies noted that AIA Thailand’s business mix leans heavily toward protection and fee-based products, which accounted for 77% of its value of new business in the 2025 financial year. Unit-linked products made up 15% and more capital-intensive offerings the remaining 8%.

The insurer serves more than five million customers through a network of over 24,000 active agents and maintains customer persistency above 90%. A strategic partnership with Bangkok Bank further supports its distribution.

While the concentration in protection products is viewed as a relative strength, the business remains sensitive to shifts in consumer demand and the broader performance of the Thai life market.