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AIA Group has released its results for 2018, bannering double-digit growth in value of new business (22%) and operating profit (13%).
According to a statement by the Hong Kong-headquartered insurer, its value of new business (VONB) grew by 22% year-on-year to US$3.9 billion, while annualised new premiums (ANP) increased by 15% to US$6.5 billion. The group also reported strong operating profit growth of 13% to US$5.3 billion.
“AIA has once again delivered an excellent performance with double-digit growth across our main financial metrics in 2018,” said Ng Keng Hooi, AIA group chief executive and president. “These very strong results were achieved against a backdrop of economic uncertainty and financial market volatility.”
Ng highlighted AIA’s mainland China business, where VONB grew by 30%, and is set to expand with the recent approval to set up Tianjin and Shijiazhuang, Hebei. Its Hong Kong business delivered 24% VONB growth, while Thailand had 12%.
“AIA’s agency channel had another excellent year with 26 per cent VONB growth and the group now has more than 10,000 Million Dollar Round Table (MDRT) members,” Ng said. “In partnerships, our bank channel delivered 18% VONB growth and we activated four new strategic partnerships including with Bangkok Bank in Thailand and SK Telecom in Korea.”
Meanwhile, AIA Singapore’s VONB grew by 18% to US$357 million, driven by the agency channel and the insurer’s partnership with Citibank.
“In 2018, we continued to invest in Singapore’s health and financial wellbeing through innovations and initiatives, as well as intensify our efforts to transform our business in the areas of data and digitalisation,” said Patrick Teow, AIA Singapore chief executive. “This is our commitment to meet the evolving needs of our customers and help them live healthier, longer and better lives as we celebrate AIA’s centennial in 2019.”
