Aviva Asia has announced a dip in profits, despite the business growing over the last financial year.
Operating profit from life and general insurance and health businesses for Aviva Asia hit $308 million, compared with $364 million in 2015.
On a like-for-like basis, value of new business for Aviva in Singapore grew by 23%, exceeding the market average of 6%, the company said as value of new business hit $200 million.
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Chris Wei, executive chairman of Aviva Asia & FPI and global chairman of Aviva Digital, said the Asian markets remain key to its international business.
“The Asian markets are strategically important to Aviva, owing to large populations in fast-growing economies including China and Indonesia, coupled with relatively low insurance penetration rates and social insurance coverage,” Wei said.
Wei said that the firm had invested heavily in distribution throughout the region as well as making investments in digital functions.
In addition, the firm will launch an insurance company in Hong Kong that focuses on digital insurance, alongside Hillhouse Capital and Tencent Holdings, as the firm looks to be part of the disruption currently changing the face of the industry.
Aviva highlighted the growth of its business in China as another key driver of its Asian result.
The business, through Aviva-COFCO, recruited more than 7,500 new agents and saw a 28% increase in value of new business.
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