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AIA Singapore sees 42% jump in annualised new premiums for H1
THE Singapore unit of insurer AIA on Friday posted a 42 per cent increase in annualised new premiums to US$290 million for the first half-year from strong sales in both agency and partnership distribution.
It noted a double-digit growth in agent productivity and a 17 per cent year-on-year increase in the number of active agents in Singapore for the six months ended June 30, 2018.
AIA Singapore’s value of new business, which measures expected profits from new premiums, expanded by 22 per cent to US$178 million.
This was supported by double-digit growth in new business value from its strategic partnership with Citibank on higher direct sales of simplified protection solutions to the banking group’s credit card customer base.
There was a 57 per cent rise in the value of new business of its AIA Vitality Integrated products with AIA Vitality membership more than doubling over the last 12 months.
But value of new business margin was lower at 61.4 per cent, down from 71.1 per cent for first half of FY17, on lower profitability from HealthShield business and a shift in product mix.
Operating profit after tax went up by 9 per cent to US$273 million.
During the first half-year, AIA Singapore also launched an exclusive partnership with Medix to provide personal medical case management services.
For parent AIA Group, which has a presence in 18 markets in Asia Pacific, the value of new business in the first half-year surged to US$1.95 billion from US$1.61 billion a year earlier.