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AIA Group said on Friday that its Singapore insurance unit posted a 19 per cent increase in value of new business (VONB) to US$142 million for the six months ended May 31, 2015 compared to a year ago.
Overall group VONB - which measures expected profits from new premiums and is a key yardstick for growth - grew to US$959 million from US$792 million a year ago. Net operating profit rose 15 per cent to US$1.6 billion from US$1.5 billion on a constant exchange rate basis.
The world's second largest insurance group by market value said its Singapore operations achieved a strong set of results amid a relatively flat industry environment, even as China overtook Singapore and Thailand to become its second-largest market in terms of VONB. The mainland generated to US$187 million in VONB.
Singapore unit saw a 13 per cent increase in Annualised New Premium (ANP) to US$225 million and a steady increase in net operating profit of 10 per cent to US$210 million, compared to the first half of 2014.
"The strong business performance has been driven by growth across all distribution channels, including AIA's market leading agency force, intermediated distribution via banks and financial advisers, and corporate business lines,'' Tan Hak Leh, AIA Singapore's Chief Executive Officer, said.
AIA added that Singapore's VONB growth was supported by a single large direct scheme from a multinational corporation and an increase in average SME case size from its agency distribution channel.
AIA declared an 18.72 Hong Kong cents per share interim dividend, a 17 percent increase from a year earlier.