AIA sees growth across the board
AIA's Hong Kong-listed parent company has announced a record performance for the six months to May 31, and says its New Zealand operations are performing well.
Monday, August 1st 2011, 7:27AM
AIA says the Value of New Business (VONB) rose 32% to US$399 million compared with the same period last year.
Embedded Value (EV) increased 11% to US$27,394 million and Annualised New Premium (ANP) for the period rose 23% to US$1,094 million.
AIA New Zealand chief executive Wayne Besant said these results reflect very well on the AIA Group and on the business in New Zealand.
"AIA New Zealand's focus on simple, relevant engagement with New Zealanders is producing solid results - for the year ended June 2011 our Compound Annual Growth Rate for new business has increased 26.6% since June 2009 and 33% year-on-year since June 2010.
"We also had a very strong first quarter to March 2011 with an 89% increase on the March 2010 quarter and are tracking well with growth still above market expectations for the June quarter. "
Besant says the company is developing a financial literacy programme and working with communities. It has also partnered with Maori Television to reach people that have historically been under-served by the insurance industry.
"There's a lot more to do, but we're pleased to be making a difference in the lives of New Zealanders," he said.
[1] Source: Investment Savings and Insurance Association, New Zealand
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