AIA Group has reported a net profit of US$3.45 billion for the financial year ending 30 November 2014.
In a statement issued by AIA, the life insurer said its profit had grown 22 per cent on the previous year which was contributed by a “record” value of new business totalling US$1.845 billion.
Commenting on the result AIA Group chief executive and president Mark Tucker said the company’s performance is a “reflection of the strength” of its business model and position within the Asia Pacific.
“Asia is one of the world’s most attractive and dynamic insurance markets,” Mr Tucker said.
“Urbanisation, rising disposable incomes, relatively low levels of social welfare and a rapidly-growing middle class continue to provide enormous structural growth opportunities across our markets.
“AIA is exceptionally well positioned with our market-leading positions, extensive geographical reach, deep experience in Asia and exceptional financial strength,” he said.
Mr Tucker also said the company has “achieved a great deal” since its initial public offering and added the company is still at an early stage in a “long journey” to realising its full potential.
“2015 will be our fifth year since becoming an independently listed company and throughout this time we have generated year-on-year profitable growth and made substantial progress in delivering [an] increase in long-term sustainable value for our shareholders,” Mr Tucker said.
Also commenting on the result, AIA Australia chief executive Damien Mu said the group has had “another outstanding year”.
“The team at AIA Australia is proud to be a part of that success.
“Our focus on providing exceptional value to our customers and partners has been the basis for this, and we look forward to the year ahead,” he said.
The COVID crisis has revealed how central banks have amplified wealth inequality in recent years, according to Schroders, with its head of A...