AIA Group has posted a 28% rise in the value of new business to US$3.51 billion for the financial year ended 30 November 2017 (FY2017), the company said in a statement yesterday. Annualised new premiums (ANP) increased by 19% to US$6.1 billion.
IFRS operating profit after tax (OPAT) was up by 16% to US$4.65 billion. Embedded value (EV) operating profit increased by 19% to US$7 billion.
Mr Ng Keng Hooi, AIA’s Group Chief Executive and President, said: “Today’s results are the direct outcome of the scale, quality and breadth of AIA’s exceptional businesses across the region and the significant progress we are making in delivering our strategic objectives.”
China and Hong Kong together account for about half of new business growth globally at AIA. The value of new business in Hong Kong shot up by 34% to $1.56 billion and even faster at 60% in mainland China to $828 million in FY2017, at constant exchange rates.
The group's other major markets include Thailand, Singapore, and Malaysia. AIA in September last year agreed to buy the insurance unit of Commonwealth Bank of Australia for $3.1 billion, in the biggest Asian buyout of an Australian financial firm, to expand its footprint. The deal is AIA’s second biggest acquisition since it listed in Hong Kong in 2010. It had bought ING Groep’s Malaysian insurance unit for $1.7 billion in 2010.