AIA’s Singapore branch registered a positive performance in 2017, with a 12% rise in operating profit, the insurer has announced.
In the year ended November 30, 2017, AIA Singapore saw its operating profit after tax increase by 12% to US$504 million. Its value of new business was at US$311 million while annualised new premiums stood at US$433 million.
The firm credited the strong second-half performance of its agency channel, which achieved double-digit growth, for most of its successes in the year. Last year, AIA upped its number of active agents and boosted its productivity with digital sales tools and training courses.
“By arming our agents with innovative digital sales tools, we transform the way they engage with customers, enhance customer servicing efficiencies and improve agent productivity,” the insurer said in a statement. “These efforts resulted in in the doubling of our [Million Dollar Round Table] qualifiers between 2014 and 2017, with AIA Singapore having the largest number of MDRT members in Singapore for three consecutive years.”
The insurer also revealed that its strategic partnership with Citibank contributed significantly to new business growth. Sales of regular premium protection business also increased, through its partnership distribution channels, it said.
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