AIA has released its results for the first half of 2018, with its value of new business (VONB) growing by 17% to US$1.95 billion and operating profit increasing 14% to US$2.65 billion.
The Hong Kong-headquartered insurer also reported annualised new premiums growing by 9% to US$3.25 billion, as well as a solvency ratio of 458% for AIA Co., the insurer’s principal operating company.
Hong Kong was the largest contributor to new business growth, bringing in US$796 million, followed by mainland China with US$556 million, and Thailand with US$204 million.
In the first quarter, AIA posted record growth in VONB, marking the first time the company exceeded US$1 billion in VONB in a quarter.
“These results are underpinned by the continued execution of our proven growth strategy and the scale, quality and breadth of AIA’s exceptional businesses across the Asia-Pacific region,” said Ng Keng Hooi, AIA’s group chief executive and president.
“AIA continues to hold a uniquely advantaged position stemming from the significant competitive advantages we have created over our long history in Asia,” he said. “The quality of our results comes from our diverse and balanced platforms – across distribution, product and geography. Our clear strategy continues to work well as our experienced team of outstanding people collaborate to harness the enormous growth opportunities that the region presents.”
