One of the largest independent public listed pan-Asian life insurance group, AIA Group has delivered strong results in the first half of 2017, helped by significant contributions of its subsidiaries in Australia and New Zealand and thanks to the company’s consistent strategy execution.
The firm saw a record 42 per cent growth in value of new business (VONB) to US$1.75 billion and a 37 per cent increase in annualised new premiums (ANP) to US$3.2 billion.
At the same time, the VONB in other markets, which referred to the company’s operations in Australia, New Zealand, Cambodia, Indonesia, Korea, the Philippines, Sri Lanka, Taiwan, Vietnam and India, accounted for US$184 million with margin at 41.1 per cent.
AIA Australia and New Zealand’s chief executive, Damien Mu, stressed that the company launched its new health insurance brand, myOwn, during the first half of the year.
“AIA Group has continued to perform well in 2017, and we at AIA Australia and AIA New Zealand are proud to have contributed to this success,” he said.
“With the recent launch of a new health insurance brand myOwn, the continued success of AIA Vitality, and the launch of our Term Level premiums structure, AIA is taking positive steps towards helping champion the cause of Australia and New Zealand becoming the healthiest nations.”
“We continue to focus on delivering leading propositions for the benefit of our customers and partners.”
AIA Group’s chief executive and president, Ng Keng Hooi also said that the board had declared a 17 per cent increase in the interim dividend for 2017.
During the first half of the year, the company benefitted strongly from “substantial opportunities presented by the extraordinary social changes and substantial economic growth taking place across the region”.
“AIA has significant competitive advantages created over our long history in Asia,” Hooi said.
“We will continue to challenge ourselves and our strategy to ensure we capture the many significant opportunities that the region presents – well into the future.”
