AIA Singapore posts 42% jump in annualised new premiums

Singapore

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.