Life insurance inflows continue to grow at healthy rates with pan-Asian life insurer AIA Group reporting strong interim results for the half-year ending 31 May.
AIA Group, which is listed in Hong Kong and operates locally as AIA Australia, has reported a 26 percent increase in the value of new business to US$701 million and a 29 percent increase in annualised new premiums to US$1.661 billion.
AIA Australia chief executive Peter Crewe said the results stem from the company building partnerships with advisers, intermediaries and trustees.
“We have moved beyond a transactional relationship with partners and customers to become an important part of their protection strategy,” he said.
AIA Group also reported that its net profit had increased by 34 percent to US$2.104 billion, with the Australian operations taking nearly a quarter share of the local group-risk market in the first quarter of this year.
AIA Group has reported strong growth in Indonesia, the Philippines and Australia. Figures released from Plan For Life for 2012 show that AIA Australia, the group’s Australian arm, had a 24.2 percent market share and an increase in yearly risk inflows of 13.7 percent or US$ 947.3 million.
Inflows into risk insurance products have been strong across 2012 and into 2013, according to Plan for Life statistics. Inflows into individual risk lump sum and income products and group risk products increased by about 10 percent from US$10.6 billion to $11.7 billion for the year ending March 2013. (Courtesy Money Management)
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