AIA Singapore's operating profit rises 12% to $665m

A good performance from its high-quality policy portfolio boosted full-year numbers at AIA Singapore, it said yesterday.

The insurer recorded a 12 per cent increase in operating profit after tax to US$504 million (S$665 million) for the 12 months to Nov 30.

It also reported US$311 million worth of value of new business - a measure of expected profits from new premiums - with a positive second-half performance supported by double-digit growth from its agency channel.

Annualised new premiums of US$433 million were added.

An increase in the number of active agents and improved productivity backed by a high take-up of its digital sales and training tools in the year helped its bottom line.

"By arming agents with innovative digital sales tools, we transform the way they engage with customers, enhance servicing efficiencies and improve agent productivity," AIA Singapore said.

The firm said its strategic partnership with Citibank delivered solid growth in new business.

It added that it continued to be the leader in the group insurance market here in terms of in-force premium (initial premiums on policies that are still in force).

It also said it delivered solid new business growth from attracting new schemes, including AIA Quality Healthcare Partners, which made AIA Singapore the first insurer here to establish direct partnerships with the medical community.

A version of this article appeared in the print edition of The Straits Times on February 28, 2018, with the headline 'AIA S'pore's operating profit rises 12% to $665m'. Print Edition | Subscribe