AIA posts strong results in 2016
AIA Group Limited has posted strong results in 2016 which were partly driven by strong fundamental growth drivers in the Asia-Pacific region.
AIA also said that it would continue to focus on retaining and growing existing partnerships across Australia and New Zealand.
According to the company, 2016 also saw record new business profits, significant earnings growth, free surplus generation, and an increase in shareholder dividends.
AIA’s group chief executive and president, Mark Tucker, stressed that the company also benefited from structural economic, social and demographic changes across the region which helped boost the Asian life insurance industry.
In 2016 AIA posted a 28 per cent growth in value of new business to US$2,750 million and a 31 per cent rise in annualised new premiums to US$5,123 million.
AIA Australia and New Zealand’s chief executive, Damien Mu, said that the company also managed to increase the number of new customers in its Vitality programme by 50 per cent.
The Vitality programme is, according to AIA, dedicated to enhancing the conversation around life insurance and wellbeing.
“AIA Group has continued to deliver strong results in 2016, and we are proud to be a part of that success in Australia and New Zealand,” he said.
“We look forward to an exciting year in 2017 to keep working with our partners to engage people with respect to their life.”
AUTHOR
Oksana Patron
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
