• VONB grew by 28 per cent to US$512 million compared with the first half of 2011.
• VONB margin expanded substantially to 42.6 per cent, a 6.6 percentage points improvement.
• Annualised new premium (ANP) increased by 9 per cent to US$1,187 million.
AIA’s sustained focus on value creation resulted in:
• Embedded value (EV) of US$28,840 million, increasing by US$1,601 million over the first half from US$27,239 million as at 30 November 2011.
AIA posted robust operating profit and maintained a strong capital position:
• Operating profit after tax (OPAT) rose 12 per cent to US$1,080 million.
• Solvency ratio of 456 per cent as at 31 May 2012, on the Hong Kong Insurance Companies Ordinance (HKICO) basis and following the subsidiarisation of our branch operation in Singapore.
AIA remains committed to a prudent and progressive dividend policy:
• An interim dividend of 12.33 Hong Kong cents per share, an increase of 12 per cent.
• If trading conditions continue in line with present expectations, the 2012 interim dividend will represent approximately one-third of the 2012 full-year dividend. Any final dividend remains subject to Board recommendation and shareholder approval at the Annual General Meeting.
Commenting on the results, Mark Tucker, AIA’s Group Chief Executive and President, said: “AIA has delivered another excellent set of results with a record first-half value of new business, our key performance measure, and a healthy increase in our margin. The continuing momentum and strong growth are a testament to the effective execution of the clear strategic objectives we have put in place since our listing. We will continue to focus on delivering quality new business growth through our Premier Agency sales force and profitable partnerships.
“We are pleased to declare an interim dividend of 12.33 Hong Kong cents per share, which is in line with our prudent and progressive dividend policy.
“We are proud of having successfully operated in the region for over ninety years and we continue to be excited and optimistic about the opportunities presented by the continued dynamic economic growth and strong underlying demand for long-term savings, accident and health and other protection products in Asia.
“Our unique combination of extensive brand reach, powerful agency distribution franchise, broad product range and balance sheet strength means we remain in an excellent position to capture these growth opportunities and to generate sustainable value for our shareholders.”
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About AIA New Zealand
AIA New Zealand [ http://www.aia.co.nz/
Since the company arrived in New Zealand in 1981, AIA New Zealand has consistently provided the market with innovative personal and business insurance [ http://www.aia.co.nz/
AIA New Zealand is based in Auckland with regional offices in Wellington, Hamilton and Christchurch. However, through our Insurance consultant network, we reach every corner of the country.
AIA New Zealand is a member of the Investment Savings and Insurance Association (ISI), the Insurance and Savings Ombudsman Scheme (ISO) and the Health Funds Association of New Zealand (HFANZ).