MANILA, Philippines - AIA has reported a net profit of over $3 billion in 2012, up 89 percent from the previous year, while the value of its new business grew 27 percent from $932 million in 2011 to $1.188 billion.
Last year, the biggest contribution of new business came from its Hong Kong operations amounting to $366 million, followed by Thailand with new business valued at $287 million.
New business premiums from Singapore amounted to $226 million and China contributed $124 million. Korea and Malaysia had similar values $68 million apiece of new business.
Operating profit after tax expanded 12 percent to $2.15 billion last year from $1.9 billion in 2011 while its solvency ratio stood at 353 percent.
Last year, AIA completed two significant acquisitions in Malaysia and Sri Lanka that have positioned AIA as number 1 and 2, respectively, in these important growth markets.
AIA Group chief executive and president Mark Tucker said that the leading pan-Asian insurer has strong positions in each of its 16 markets throughout the Asia-Pacific region.
“Our continuing success stems from the hard work of our many thousands of dedicated and professional employees, agents and intermediaries, coupled with a deep understanding of the savings and protection needs of consumers in the Asia-Pacific region,†Tucker said. AIA Group Ltd. and its subsidiaries (collectively AIA) comprise the largest independent publicly listed pan-Asian life insurance group.
It has operations in 16 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 92 percent subsidiary in Sri Lanka and a 26 percent joint-venture in India.
In the Philippines, the AIA is represented by its subsidiary – the Philippine American Life and General Insurance Co. (Philam Life).
In 2011, Philam Life reported total premium income of P13.5 billion while BPI Philam – its joint venture bancassurance company with the Bank of the Philippine Islands (BPI) – reported total premium income of P6.4 billion.