AIA Australia has lent a hand to parent company, AIA Group, bolstering interim results by moving beyond traditional transactional relationships, according to AIA Australia chief executive Peter Crewe.
AIA Group grew the value of new business (VONB) by 28 per cent to US$512 million in the six months to 31 May 2012 and expanded the VONB margin by 6.6 per cent to 42.6 per cent.
Crewe said AIA Australia contributed to the company's growth by differentiating offers that engage people and moving beyond transactional relationships.
In April, AIA Australia added 14 new staff to its retail team in an effort to give more support to advisers and dealer group partners.
Crewe said staying focused on what was actually important – getting people access to cover – was difficult in a local market that was always evolving. AIA could leverage its 14 operating subsidiaries and branches spread across Asia, he said.
"Having the backing of the largest listed pan-Asian life insurance organisation means we have the flexibility to adapt quickly to regulatory change while also leveraging insights and strengths from the Asia-Pacific region to better benefit consumers and a broader set of market participants," he said.
Recent figures suggest AIA Australia has continued to grow, achieving individual risk lump sum growth of 22 per cent and a 16.5 per cent increase in inflows, according to Plan for Life figures to 12 July 2012.
AIA Group's annualised new premium increased by 9 per cent to US$1,187 million, while the company's operating profit after tax increased by $1,601 million in the six months from November.
Following the subsidiarisation of AIA's branch operation in Singapore, the company's solvency ratio on the Hong Kong Insurance Companies Ordinance was 456 per cent at the end of May.
