Insurer AIA's Singapore operation posts strong performance in first half-year

SINGAPORE - Insurer AIA Singapore reported strong financial results for the first half of 2015, thanks to a productive agency and more long-term unit-linked protection products.

Its value of new business for the six months to May 31 was up 19 per cent to US$142 million, compared with the same period a year earlier.

Annualised new premiums, a measure of new business activity, rose 13 per cent to US$225 million from a year ago.

New business margin, or the value of new business as a percentage of annualised new premiums, grew to 62.9 per cent.

Operating profit after tax rose 10 per cent to US$210 million, compared with a year earlier.

The firm said that due to the 6 per cent depreciation of the Singapore dollar against its United States dollar reporting currency, growth rates for the Singaporebusinessare on constant exchange rates, unless otherwise stated.

It said that this provides "a clearer picture of the underlying performance of the business in the first half of 2015".