AIA Group’s interim results for the six months ending 31 May 2013 showed a healthy 26 per cent increase in the value of new business to US$645 million.
The listed pan-Asian life insurance group also posted a 29 per cent increase in annualised new premiums to US$1,527 million.
“Our contribution to this strong performance from AIA Group comes on the back of our commitment to providing exceptional value to our customers and partners ... We have moved beyond a transactional relationship with partners and customers to become an important part of their protection strategy,” Peter Crewe, AIA Australia chief executive officer said.
AIA Australia offers retail insurance products through financial advisers and a network of affinity partners.
“We work closely with our superannuation fund partners and also adviser, platform and dealer group partners to make sure the products and services we are delivering are closely aligned with the needs of members and end clients,” Mr Crewe said.
AIA Australia uses “regular client surveys, external research and one-on-one meetings” to adapt its products to its partners needs, he added.
More broadly the insurance company thinks the sector must tackle several structural issues.
“The life insurance market grew substantially over the last year. However, we still believe the industry must address Australia’s significant underinsurance issue through increased awareness and education of the need for insurance,” Mr Crewe said.
“As an industry it’s important to keep focused on helping people get access to cover and having a more secure financial future. We still see great opportunities in the local market and are committed to driving value and innovation to help meet the changing needs of our partners and consumers.”
