AIA Singapore and Mount Alvernia Hospital have signed a memorandum of understanding (MoU) to collaborate on initiatives aimed at advancing sustainable healthcare solutions and delivering affordable care to Singapore residents.
The MoU, signed by AIA Singapore chief executive officer Wong Sze Keed and Mount Alvernia Hospital Singapore chief executive officer Dr James Lam, will focus on three key areas of collaboration:
- Advancing innovative healthcare solutions that enhance patient experiences and outcomes.
- Jointly creating sustainable and cost-effective healthcare solutions that will benefit AIA Singapore policyholders and patients at Mount Alvernia Hospital.
- Driving positive impact across the healthcare industry through strong industry leadership and shared expertise.
The insurer has also introduced a previous strategic partnership with Raffles Hospital as part of its focus on providing value based healthcare.
The MoU coincides with AIA Group’s first half results which revealed a 14% increase in value of new business (VONB) completed, with 16% growth in Singapore.
Results for the six months to 30 June 2025 reveal VONB across the group climbed to US$2.84bn.
The group reported operating profit after tax of US$3.61bn, up 12% per share.
Unparalleled opportunities for life and health insurance in Asia
Lee Yuan Siong, group chief executive and president of AIA, said: “AIA has delivered an excellent operating and financial performance in the first half of 2025, demonstrating that we have the right strategic priorities to leverage the unparalleled opportunities for life and health insurance in Asia.
“We have achieved strong VONB growth of 14% for the group with positive growth from 13 out of our 18 markets.
“Premier Agency grew VONB by 17% through a combination of a higher number of active agents and enhanced productivity as our agents increasingly benefit from the transformational power of Gen AI and our cumulative technology investments.
“Our partnership distribution channel complements our agency as we work closely with market-leading banks and financial intermediaries to provide tailored solutions to their customers. This fast-growing channel delivered an 8% VONB increase in the first half, building on last year’s exceptional growth.
“Asia is the most attractive region in the world for life and health insurance. The strong fundamental growth drivers of rising wealth, low insurance penetration levels and limited social welfare coverage continue to power the long-term exceptional prospects for AIA’s business.
“I am confident that AIA’s geographical diversification and focus on the disciplined execution of our strategic priorities will continue to deliver long-term sustainable value for all our stakeholders.”
Strong performance in Singapore
AIA Singapore delivered 16% value of new business (VONB) growth for the first half of the year amid strong performances across all distribution channels.
Annualised new premium (ANP) increased 28% to US$547m while VONB margin decreased by 4.9 percentage points to 47.4%.
This was attributed to strong sales of unit-linked long-term savings product in the first quarter of 2025.
Growth in the group’s partnership distribution channel was supported by strong sales of its wealth propositions to high-net-worth customers.
Additionally, the group noted that its corporate solutions segment continued its trajectory of sustainable growth in Singapore.
