AIA Group, the parent company of AIA Australia, has reported more than 20 per cent growth in the value of new business for the full year ending 30 November 2015.
While reporting its full-year results, AIA Group said its value of new business (VONB) had grown to US$2.198 billion for the year, up 26 per cent (calculated on a constant exchange rate basis) from US$1.845 billion in the previous year.
In addition to the increase in VONB, AIA also reported its annualised new premiums had increased 14 per cent to US$3.991 billion.
The company added that AIA Australia continues to play an important role in driving the group’s results.
Referencing findings by Plan For Life, the insurer said AIA Australia – as of September 2015 – ranks number two in terms of total market share for risk premium inflows (13.1 per cent) and ranks as the largest group insurer in terms of market share of group risk premium inflows (24.8 per cent).
Commenting on the results, AIA Group chief executive Mark Tucker said: “Despite the recent volatility and uncertainty in global financial markets, Asia remains the most attractive and dynamic region for life insurance in the world.
“The life insurance industry continues to benefit from significant structural economic and demographic trends, rapid urbanisation and growth in disposable incomes across the region."
He added: “We are confident that AIA’s leading businesses across Asia provide us with an advantaged position as we help millions of people around the region to live longer, healthier lives and plan for a brighter future."
Also commenting on the results, AIA Australia chief executive Damien Mu said: “AIA Group has continued to perform well in 2015, and we are proud to be a part of that success in Australia.”
He added: “We continue to focus on retention of our key partnerships while we continue to grow, also we are pleased with the progress made with the AIA Vitality program, which is enhancing the conversation and engagement around life insurance and well-being with over 11,000 people now signed up."