Spurred on by growth in key Asian markets, AIA Group has reported strong third quarter results including a 26 per cent increase in the value of new business to US$379 million compared to the third quarter of 2012.
Value of new business margin also improved, increasing 2.1 percentage points to 44.7 per cent compared with 42.6 per cent in the third quarter of last year.
For its Australian business, AIA holds 24.3 per cent of in-force business in the local group insurance market, with retail in-force business growing more than double the market over the last 12 months (23 per cent for AIA Australia compared to broader retail market growth of 10 per cent).
“We have consistently had double-digit growth over the last four years,” AIA Australia chief executive Peter Crewe said.
For the group as a whole, AIA’s proprietary agency channel accounted for 71 per cent of value of new business, with the insurer also pointing to strong momentum in markets such as Hong Kong, China, the Philippines and its Indonesian businesses as key factors of its third quarter results.
With macroeconomic fundamentals in Asia remaining robust, AIA stated that it is “confident of the immense growth potential for life insurance in Asia”.
