AIA experiences growth in new business value

AIA Group has reported its value of new business (VONB) grew to US$959 million for the six months ending May 2015, an increase of 25 per cent (based on exchange rates remaining constant).

The life insurer also reported its annualised new premiums were up 15 per cent (again, based on constant exchange rates) to US$1,878 million for the six months.

“AIA has delivered another strong performance in the first half of 2015. VONB growth is 25 per cent on a constant exchange rate basis, which more clearly reflects the underlying performance of the business during the recent period of foreign exchange volatility,” AIA Group chief executive Mark Tucker said.

“Our financial results continue to demonstrate the value of the consistent execution of our well-established growth strategy and our exclusive focus on the Asia-Pacific region.”

AIA Australia chief executive Damien Mu said it has been another “strong start to the year” for the group, adding that he is “proud to be a part of that success in Australia”.

“We continue to perform strongly in both the group and retail channels, and the AIA Vitality proposition is providing us with a strong value proposition for our customers in the market to improve engagement with life insurance and demonstrates our commitment to improving the health of Australians through life insurance, so this is an exciting time for us as a business,” Mr Mu said.