AIA Group new business growth up 24pc

In a statement issued by AIA, the life insurer said it had experienced a 24 per cent growth in the value of its new business for the full year, which contributed towards a 22 per cent increase in its net profit to US$3.45 billion from the previous year.

Commenting on the result AIA Group chief executive and president Mark Tucker said the company’s performance is a “reflection of the strength” of its business model and position within the Asia Pacific.

“Asia is one of the world’s most attractive and dynamic insurance markets,” Mr Tucker said.

“Urbanisation, rising disposable incomes, relatively low levels of social welfare and a rapidly growing middle class continue to provide enormous structural growth opportunities across our markets.”

“AIA is exceptionally well positioned with our market-leading positions, extensive geographical reach, deep experience in Asia and exceptional financial strength,” he said.

Also commenting on the result, AIA Australia chief executive Damien Mu said the group has had “another outstanding year”.

“The team at AIA Australia is proud to be a part of that success,” Mr Mu said.

“Our focus on providing exceptional value to our customers and partners has been the basis for this, and we look forward to the year ahead,” he said.