AIA Group finds new business growth
AIA Group has increased the value of new business by 27 per cent, delivering US$1188 million in the 12 months to 30 November 2012 for its Asia-Pacific operations.
The life insurer increased its value of new business margin by 6.4 per cent to 43.6 per cent.
Net profit climbed 89 per cent to US$3019 million, while AIA achieved a 17 per cent underlying increase in annualised new premiums to US$2969 million.
AIA Australia chief executive Peter Crewe said the last three years had been particularly strong for the company in terms of performance and growth.
"These results reinforce AIA's strength in Australia and across Asia-Pacific, as the leading pan-Asian, independent life insurer," Crewe said.
He said the company would continue to invest in the business to ensure it met the needs of partners and clients.
"Our independence and unwavering commitment to our partners in the group, retail and direct markets continues to be an attractive proposition," he said.
In September 2012 Plan for Life reported that AIA achieved 9.7 per cent annual growth, snaring 10.5 per cent market share, down slightly from the 10.6 per cent it held in September 2011.
AIA said individual risk lump sales grew by 48.3 per cent, outstripping the market growth rate of 15.6 per cent and growing total lump sum inflows by 23 per cent (more than double the market).
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