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Highlights are that the value of new business (VONB) increased 28 per cent to a new record of $2.75 billion and 31 per cent increase in annualised new premiums (ANP) to $5.123 billion. The firm’s IFRS operating profit after tax (OPAT) rose 15 per cent to $3.981 billion.
“AIA has delivered an excellent set of results in 2016. We have achieved record new business profits, significant earnings growth, strong free surplus generation and a step up in shareholder dividends. Today’s headline figures, with VONB up by 28 per cent, and our consistent track record of year-on-year profitable growth are the direct result of the strong fundamental growth drivers in the Asia-Pacific region, our highly-diversified and resilient business model and our commitment to building a high-quality, sustainable business for the long term,” Mark Tucker, AIA’s group chief executive and president, said.
AIA Board of Directors has recommended a further step up of 25 per cent in the 2016 final dividend from higher base in 2015 to 63.75 Hong Kong cents per share. This dividend uplift reflects the firm excellent financial performance and its confidence in the future outlook for AIA.
“We have made an excellent start to 2017 with strong value of new business growth in the first two months of our financial year. We have clear strategic priorities in place and are committed to building on our strong competitive advantages by helping our customers meet their long-term financial needs through our products and services. This provides us with a strong foundation to deliver profitable growth and long-term value for our shareholders, as we help our customers live longer, healthier, better lives and plan for a brighter future,” Tucker said.
Established in Vietnam in 2000, AIA has been protecting the financial health and welfare of Vietnamese people. Today, 17 years after its inception, AIA Vietnam has grown to be a trusted brand in Vietnam. AIA Vietnam serves the holders of over 660.000 policies across the country. Until the end of December 2016, AIA has paid out a total of over VND2.548 trillion for insurance benefits with up to more 340,000 cases.
“AIA Vietnam is proud to be part of the group’s excellent set of financial results in 2016, with Vietnam being a key market in the region. The strong business performance is attributed to the increased quality of agency force through our Premier Agency strategy, our expansion of innovative distribution models across Vietnam and our partnership with banks. Our success is also a result of our leading the market with innovative customer services centres such as nest by AIA, AIA Exchange and AIA NEXT,” said Wayne Besant, AIA Vietnam’s CEO.
Most notably, 2016 marked the launch of AIA Vitality in Vietnam, which is the first of its kind app-driven wellness programme that motivates our customers to live healthier lives.
“We are excited about the opportunities ahead of us and will keep striving to make a positive difference to the lives of Vietnamese people," said Besant.