AIA has reported a strong set of results in the first half of 2018 compared with the corresponding six-month period last year.
Highlights include: value of new business (VONB) rose by 17% to US$1,954 million, annualised new premiums (ANP) rose by 9% to US$3,252 million, IFRS operating profit after tax rose by 14% to US$2,653 million, and 14% increase in interim dividend to 29.20 Hong Kong cents per share.
Ng Keng Hooi, AIA’s Group Chief Executive and President, said, “These results are underpinned by the continued execution of our proven growth strategy and the scale, quality and breadth of AIA’s exceptional businesses across the Asia-Pacific region.
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“AIA continues to hold a uniquely advantaged position stemming from the significant competitive advantages we have created over our long history in Asia. The quality of our results comes from our diverse and balanced platforms – across distribution, product and geography. Our clear strategy continues to work well as our experienced team of outstanding people collaborate to harness the enormous growth opportunities that the region presents.”
#1 MDRT members for four consecutive years
The strength of AIA’s agency force is evident in the 27% VONB growth in its Premier Agency.
AIA continues its record-breaking with the highest number of MDRT members for four consecutive years. It currently has more than 10,000 registered members. In Hong Kong, over 20% of its agents are MDRT members, and in China and Thailand, the number of MDRT members have grown by 31% and 48%, respectively.
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In Singapore, its market-leading agency force delivered robust double-digit VONB growth with a focus on regular premium protection business.
AIA Singapore continued to develop its professional, full-time agents and supplemented its recruitment and training programmes with innovative digital tools designed to enhance agency productivity. Its focus on agency development has led to a 17% increase in the number of active agents and a double-digit growth in agent productivity compared with the first half of 2017.
AIA Singapore registered double-digit growth in both Value of New Business (VONB) and Annualised New Premium (ANP), by 22% and 42% respectively to US$178 million and US$290 million; and a 9% increase in IFRS Operating Profit After Tax (OPAT) to US$273 million.
Patrick Teow, CEO of AIA Singapore, said, “I am heartened that our efforts invested in strengthening our fundamentals had led to the company growing from strength to strength.
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“Our commitment in health and wellness is also bearing fruits with AIA Vitality membership doubled over the last twelve months as we continue to inspire our customers to change their behaviour and lead healthier lifestyles.
“Moving forward, we are intensifying our efforts to transform our business in the areas of data and digitalisation to better position us for the future and to improve customer experience. There is a lot more we can do to help customers bridge their protection gap and we are committed to help them live healthier, longer, better lives.”
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