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AIA Group has announced that its operating profit after tax (OPAT) has increased by 16% to US$4.6 million for the year ended on November 30, 2017.
The firm’s board of directors said AIA achieved strong growth in IFRS operating profit and free surplus. Its embedded value (EV) operating profit increased by 19% to US$6.9 million and its operation return on EV was up 110 bps to 16.6%.
AIA also recorded growth in value of new business (VONB) with an increase of 28% reaching a new high of US$3.5 million. Its annualised new premiums (ANP) were up 19% to US$6.0 million.
“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,” AIA Group chief executive and president Ng Keng Hooi said.
“AIA’s extensive distribution reach, product innovation, trusted brand and outstanding people capabilities place us in a unique position to help safeguard the financial security of consumers across the Asia-Pacific region.”
Ng said he is confident AIA teams will continue to deliver profitable growth and long-term value for the firm’s shareholders.
Damien Mu, AIA Australia and New Zealand CEO, meanwhile said the results reflect AIA’s vision of championing Australia and New Zealand to be the healthiest and most protected nations in the world.
“AIA is serious about making a significant contribution towards closing the underinsurance gap in New Zealand,” Mu noted.
“It’s an ambitious goal. But because of our planned acquisition of Sovereign Insurance in New Zealand and CommInsure in Australia (subject to regulatory approval), we are well-placed to meet this challenge − thanks to the depth of experience that we will be able to tap into, along with the best of the products, systems, and capabilities from the three companies.”
