Life insurer AIA Australia has unveiled premium growth of 21 per cent and a rise in total assets of 27 per cent for fiscal 2011 as it reaped the benefits of increased investment in its products and services.
AIA Australia has $830 million of in-force premiums and a market-leading 24.3 per cent of the domestic market.
Chief executive Peter Crewe yesterday said the company would continue to invest in better ways to deliver life insurance products and services.
“We’ve built strong partnerships across our group, retail and direct channels, and work collaboratively with them to make insurance more relevant and accessible for the end consumer,” Crewe said in a statement.
AIA Australia contributed to record AIA Group new business.
AIA Group’s value of new business shot up 40 per cent to US$932 million ($872 million) in the year to 30 November 2011.
Hong Kong-listed AIA Group was sold just over a year ago by American International Group in what was a $20.5-billion initial public offering, which was then the world’s third largest. It covers 14 markets in the Asia-Pacific region and has about US$115 billion in total assets.
