Jefferies has issued a research note highlighting that Thailand ranks as AIA’s third-largest and one of its highest-quality business segments, with over 90% of sales derived from protection or fee-based products. As of the first half of 2026, AIA Thailand is projected to contribute 15% of the group’s new business value (VONB) and 12% of its embedded value (EV).

The firm maintains a "Buy" rating on AIA with a price target of HK$114, asserting that the Thai operations remain undervalued by investors. The note underscores AIA Thailand’s robust fundamentals, including a customer base exceeding five million, a median policy term of 13 years, a renewal rate above 90%, and over 70% of clients holding multiple products.

With more than 24,000 active agents, AIA Thailand commands an approximate 44% agency market share and maintains a strategic alliance with Bangkok Bank, the country’s largest bank. The segment also holds leading positions in critical illness, investment-linked, and medical products, with market shares of roughly 63%, 59%, and 49%, respectively.