AIA continues growth posting strongest first quarter to date
AIA Group has posted strong first quarter inflows from its pan-Asian operation leading to record growth in the value of new business with the Australian operations taking nearly a quarter share of the local group-risk market.
The life insurer said its first quarter value of new business was US$291 million, for the quarter ended 28 February, with each market reporting positive growth in the value of new business.
At the same time the group reported that it had strong growth in Indonesia, the Philippines and Australia with figures released from Plan For Life for 2012 showing that AIA Australia, the group's Australian arm, had a 24.2 per cent market share and an increase in yearly risk inflows of 13.7 per cent or $947.3 million in inflows.
AIA Group also increased annualised new premiums by 37 per cent to US$745 million with AIA Australia CEO Peter Crewe stating that AIA's growth strategy was continuing to gather pace.
The growth follows on from similar performance in 2012 where the Asia Pacific operation increased the value of new business by 27 per cent to US$1188 million.
AUTHOR
Jason Spits
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