24.04.2015, 07:49
AIA Delivers Strong First Quarter 2015 Results
OREANDA-NEWS. AIA Group Limited (stock code: 1299) today announces an excellent
start to 2015 with 20 per cent growth in value of new business (VONB) for the first quarter ended 28
February 2015.
Highlights of the first quarter:
• 20 per cent increase in VONB to US\$425 million (24 per cent on constant exchange rates (CER))
• VONB margin up 3.0 percentage points (pps) to 46.8 per cent
• Annualised new premium (ANP) of US\$895 million, up 12 per cent (15 per cent on CER)
• Total weighted premium income (TWPI) of US\$4,775 million, up 8 per cent (11 per cent on CER).
SUMMARY FOR THE FIRST QUARTER
VONB increased by 20 per cent based on actual exchange rates compared with the first quarter of 2014 to US\$425 million. Underlying VONB growth was 24 per cent on constant exchange rates. Highlights for the quarter included excellent VONB growth in Hong Kong and China through the consistent execution of our Premier Agency strategy. Agency productivity improved further alongside a strong increase in the number of active agents supported by our focus on quality recruitment. In Thailand and Malaysia, VONB growth was largely driven by further margin expansion continuing the positive trend from the previous year. In Singapore, growth was more muted following the completion of the HealthShield upgrade in the first quarter of 2014 that boosted sales of protection products in the prior year, as previously highlighted. Korea reported lower VONB compared with the first quarter of 2014 as market conditions remain challenging. Other Markets delivered excellent VONB growth, in particular Indonesia, the Philippines and Vietnam, with strong performances in both agency and partnership distribution channels. VONB margin increased by 3.0 pps to 46.8 per cent from 43.8 per cent in the first quarter of 2014 with the increase mainly from a positive shift in geographical mix. Economic assumptions remain unchanged for the quarter from those shown in our Annual Report 2014. ANP grew by 15 per cent on constant exchange rates compared with the first quarter of 2014 to US\$895 million (12 per cent on actual exchange rates). TWPI increased by 11 per cent on constant exchange rates (8 per cent on actual exchange rates).
OUTLOOK
The long-term economic outlook for Asia ex-Japan remains positive, with a gradual and ongoing rebalancing in favour of domestic consumption in Asia’s emerging markets. Central banks have considerable latitude to adjust monetary policy and recent rate cuts in China are supportive of gradual rebalancing and stable growth. While Asia is not isolated from near-term economic factors outside the region such as shifts in the monetary policies in the U.S. and Europe, threats to geopolitical stability and a more demanding regulatory environment, the Asian markets in which we operate are well-positioned to withstand these challenges. The life insurance industry continues to benefit from the significant long-term economic and structural demographic drivers of growth across Asia ex-Japan. We remain confident that AIA’s leading businesses across these markets place us in an advantaged position to capture the ongoing growth opportunities that the Asian life insurance market offers.
Highlights of the first quarter:
• 20 per cent increase in VONB to US\$425 million (24 per cent on constant exchange rates (CER))
• VONB margin up 3.0 percentage points (pps) to 46.8 per cent
• Annualised new premium (ANP) of US\$895 million, up 12 per cent (15 per cent on CER)
• Total weighted premium income (TWPI) of US\$4,775 million, up 8 per cent (11 per cent on CER).
SUMMARY FOR THE FIRST QUARTER
VONB increased by 20 per cent based on actual exchange rates compared with the first quarter of 2014 to US\$425 million. Underlying VONB growth was 24 per cent on constant exchange rates. Highlights for the quarter included excellent VONB growth in Hong Kong and China through the consistent execution of our Premier Agency strategy. Agency productivity improved further alongside a strong increase in the number of active agents supported by our focus on quality recruitment. In Thailand and Malaysia, VONB growth was largely driven by further margin expansion continuing the positive trend from the previous year. In Singapore, growth was more muted following the completion of the HealthShield upgrade in the first quarter of 2014 that boosted sales of protection products in the prior year, as previously highlighted. Korea reported lower VONB compared with the first quarter of 2014 as market conditions remain challenging. Other Markets delivered excellent VONB growth, in particular Indonesia, the Philippines and Vietnam, with strong performances in both agency and partnership distribution channels. VONB margin increased by 3.0 pps to 46.8 per cent from 43.8 per cent in the first quarter of 2014 with the increase mainly from a positive shift in geographical mix. Economic assumptions remain unchanged for the quarter from those shown in our Annual Report 2014. ANP grew by 15 per cent on constant exchange rates compared with the first quarter of 2014 to US\$895 million (12 per cent on actual exchange rates). TWPI increased by 11 per cent on constant exchange rates (8 per cent on actual exchange rates).
OUTLOOK
The long-term economic outlook for Asia ex-Japan remains positive, with a gradual and ongoing rebalancing in favour of domestic consumption in Asia’s emerging markets. Central banks have considerable latitude to adjust monetary policy and recent rate cuts in China are supportive of gradual rebalancing and stable growth. While Asia is not isolated from near-term economic factors outside the region such as shifts in the monetary policies in the U.S. and Europe, threats to geopolitical stability and a more demanding regulatory environment, the Asian markets in which we operate are well-positioned to withstand these challenges. The life insurance industry continues to benefit from the significant long-term economic and structural demographic drivers of growth across Asia ex-Japan. We remain confident that AIA’s leading businesses across these markets place us in an advantaged position to capture the ongoing growth opportunities that the Asian life insurance market offers.
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