AIA Singapore saw strong growth momentum in new business

Mr Tan Hak Leh, chief executive officer of AIA Singapore. -- PHOTO: AIA 
Mr Tan Hak Leh, chief executive officer of AIA Singapore. -- PHOTO: AIA 

SINGAPORE - AIA Singapore CEO Mr Tan Hak Leh said on Thursday that the insurer continued its strong growth momentum last year.

The company delivered a 22 per cent year-on-year increase in annualised new premium (ANP) to US$489 million (S$662.17 million) for 2014, while annualised value of new business (VONB) grew 11 per cent to US$299 million, said Mr Tan.

He attributed its performance to increases in the uptake of protection, long-term savings and legacy plans. It said operating profit after tax rose 8 per cent to US$429 million for 2014.

The company's strong performance was also attributed to the company's expanded partnerships with brokers and banks, including the launch of its exclusive partnership with Citibank to successfully reach out to different segments of the community.

Its Hong Kong-listed parent, AIA Group, announced on Thursday a record 24 per cent annual rise in the value of new business (VONB). Its net profit for fiscal year 2014 rose 22 per cent to a record US$3.45 billion.