AIA reports strong growth in 2018
Insurance giant AIA Group announced on Friday that it had achieved excellent financial results last year with double-digit growth across its main financial metrics.
The Asia-based insurer saw the value of new business up 22 percent year-on-year to a record US$3.95billion and its operating profit after tax up 13 percent to US$5.29billion.
The value of new business is a key indicator for insurance companies’ performance which measures expected future profits arising from new policies.
Meanwhile, AIA recorded a robust cash flow and resilient capital position in the past year, with a 421 percent solvency ratio.
The underwriter said its business in China posted strong results, as the value of new business surged by 30 percent compared with a year ago.
AIA noted that it had recently received regulatory approval to set up sales and service centers in Tianjin and Shijiazhuang, the capital of Hebei Province.
Ng Keng Hooi, AIA Group's chief executive and president, attributed the success to their diversified, robust and high-quality business model together with their focus on capturing significant opportunities presented by the long-term structural drivers of growth across Asian insurance markets.
This year marks the group's centennial, and AIA said it is confident about its long-term outlook.