AIA Group sees boost in value of new business

AIA Group sees boost in value of new business

AIA Group, the parent company of life insurer AIA Australia, has reported a 26 per cent growth in the value of new business (VONB) for the full year ending 30 November 2015.

In a statement, AIA Group reported its VONB has grown to US$2.198 billion for year, a 26 per cent increase (on a constant exchange rate basis) from US$1.845 billion in the previous year.

In addition to the increase in VONB, AIA also reported its annualised new premiums had increased 14 per cent to US$3.991 billion.

The company added that AIA Australia continues to "play an important role" in driving the group's results.

"Despite the recent volatility and uncertainty in global financial markets, Asia remains the most attractive and dynamic region for life insurance in the world," AIA Group chief executive Mark Tucker said.

"The life insurance industry continues to benefit from significant structural economic and demographic trends, rapid urbanisation and growth in disposable incomes across the region.

"We are confident that AIA's leading businesses across Asia provide us with an advantaged position," he added.

Also commenting on the results, AIA Australia chief executive Damien Mu said: "AIA Group has continued to perform well in 2015, and we are proud to be a part of that success in Australia."

He added: "We continue to focus on retention of our key partnerships while we continue to grow. Also, we are pleased with the progress made with the AIA Vitality program, which is enhancing the conversation and engagement around life insurance and wellbeing with over 11,000 people now signed up."

AIA Group sees boost in value of new business
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