AIA delivers excellent results in the first half

AIA Group Ltd announced on Friday that it had delivered an excellent performance in the six months, with double-digit growth across its main financial metrics.

The insurance giant saw its value of new business grow 20 percent year on year to hit US$2.27 billion and its annualized new premiums increased by 9 percent to reach US$3.44 billion.

And the pan-Asian underwriter generated a 12 percent increase operating profit after tax (US$2.89 billion) and a 15 percent growth in underlying free surplus, according to the interim financial report.

In addition, AIA maintained a strong cash flow and resilient capital position, with a solvency ratio of 415 percent.

The group’s wholly owned business in China was its fastest-growing segment, with a growth rate of 34 percent in value of new business.

To capture the growing demand for insurance, the life insurer opened new sales and service centers in Tianjin and Shijiazhuang of Hebei Province at the end of July.

AIA reported that its business in Hong Kong once again performed strongly with a 19 percent increase in value of new business, benefiting from broad-based growth across customer segments and distribution channels.

Elsewhere, the value of new business in Thailand and Malaysia was supported by its sustained focus on enhancing agent professionalism and developing its strategic bancassurance partnerships.

Across business channels, AIA said its Premier Agency strategy has boosted a further increase in active agents and their productivity and proprietary agency distribution delivered a 21-percent growth in value of new business.

The company said it continues to rank No.1 in the world for Million Dollar Round Table members with more than 12,000 registered members.

Supported by an excellent growth of its multiple bancassurance partnerships across the Asia-Pacific region, value of new business from AIA’s partnership business increased by 17 percent compared with a year ago.

“As we celebrate our centennial this year, we remain very confident about the long-term outlook for AIA,” said Ng Keng Hooi, AIA’s group chief executive and president. “We will continue to focus on delivering long-term sustainable value for our shareholders and helping millions of our customers live healthier, longer, better lives.”

AIA Group and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific.