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Aviva Asia has announced its financial results for 2018, bannered by a 24% increase in operating profit to £133 million (SG$236.8 million).
In a statement by the UK-based multinational insurer, it attributed the growth in operating profit to higher contribution from its key businesses across the region. Additionally, it credited strengthened distribution channels and continued growth in Asian markets, for a value of new business (VNB) increase of 15% to £191 million (SG$340 million).
According to Aviva, its financial advisory (FA) channel remains the largest contributor to its growth in Singapore. The insurer said that it will continue investing in this channel, “led by the belief that the FA model provides enhanced flexibility and choice for both advisers and customers.”
In China, its joint venture Aviva-COFCO ranked fourth among all life insurers in the China Banking and Insurance Regulatory Commission’s Solvency Aligned Risk Management Requirements and Assessment.
After Aviva Vietnam became a wholly owned subsidiary, it recorded strong growth last year. Its bancassurance channel was a significant contributor, resulting from improved customer penetration, sales productivity, and product enhancement across exclusive partner Vietinbank’s 1,100 outlets nationwide. Its agency force also saw accelerated recruitment, and continued to expand its geographical presence.
In September 2018, Aviva’s joint venture with Tencent and Hillhouse launched a new digital insurance brand in China – Blue. It was the first digital life insurer in Hong Kong, and offers term life, critical illness and personal accident products.
“Big data is the driver of future success and whoever has the key to unlock it will win,” said Chris Wei, executive chairman of Aviva Asia & Friends Provident International and global chairman of Aviva Digital. “That belief has led to Aviva’s investment in advancing our digital and analytics capabilities over the past year. Coupled with our multi-distribution strategy, we have seen sustainable growth across Asia, which is a strategic priority for Aviva.
“Digital transformation is here to stay and the Asian market is ripe for disruption. Fast and easy access is what our customers want in this digital era and that is what we will strive to provide. Going forward, we will focus our efforts on transforming insurance as we continue to improve our product offerings and refine the customer experience.”
