AIA delivers rosy first-quarter business performance

April 27, 2017 | 15:10

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AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group, has made an excellent start to the year with record value on new business growth of 55 per cent to $884 million.

This is also the highest quarterly value on new business (VONB) result since its initial public offering in 2010, the group’s chief executive and president Mark Tucker said in a statement released today.

Also in the first quarter, AIA saw a 62 per cent jump in the annualised new premiums (ANP) to $1,779 million while its total weighted premium income (TWPI) rose 24 per cent to $6,247 million

The group also reported VONB margin of 49.2 per cent in the period.

The powerful and structural economic, social and demographic changes taking place across Asia present an unparalleled opportunity for AIA.

The alignment of AIA’s significant competitive advantages developed over its long history in the region with these long-term structural trends means that the group is exceptionally well-placed to help customers meet their substantial needs for financial protection, long-term savings and private healthcare provision through insurance, Tucker noted.

Earlier, on 13 March, AIA announced that Keng Hooi will succeed Mark Tucker as the group new chief executive and president upon the latter’s retirement from the group.

Keng Hooi has an outstanding track record of operational execution and strong leadership throughout his extensive experience in Asia.

“Since the announcement, Keng Hooi and I have been working very closely together to ensure a smooth and orderly transition and I am pleased to report that this process will be completed ahead of plan.

“As a result, we have announced today that Keng Hooi will formally assume his new role effective from 1 June 2017.

“I will remain a director of AIA Group Limited, in a non-executive capacity, from then until August 31, 2017,” Tucker said in the statement.

Established in Vietnam in 2000, AIA is now one of the leading life insurers in the market. Seventeen years after its inception, AIA Vietnam currently serves the holders of over 660,000 policies across the country.

Until the end of December 2016, AIA has paid out a total of over VND2.54 trillion ($115 million) for insurance benefits with up to more 340,000 cases.

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