Hong Kong-based AIA Group reported an operating profit after tax of $2.65bn for the firts six months of 2018, compared to $2.23bn for the same period last year.
The company reported a 17% surge in value of new business (VONB) to $1.954bn for the first half of 2018, in comparison to the six-month period ended 30 June 2017 that generated $1.605bn.
The life insurance major’s embedded value equity rose to $53.628bn in the reported first half of the year compared to $52.429bn in the same period last year.
There was an increase of 9% for the annualized new premiums (ANP) to $3.252bn for H1 2018 compared to $2.906bn in H1 2017.
AIA Group’s VONB in Hong Kong fetched it $796m in the reported period, compared to $723m in the same period in the previous year while ANP was $1.252bn against $1.434bn of H1 2017. China stood second earning where the VONB was $556m, compared to $377m in H1 2017.
Following the announcement of the results, the company’s board declared an increase of 14% in the interim dividend for 2018 to HKD0.292 ($0.372) from the figure of HKD$0.256 ($0.326) in the first half of 2017.
AIA Group CEO and president said: “AIA continues to hold a uniquely advantaged position stemming from the significant competitive advantages we have created over our long history in Asia. The quality of our results comes from our diverse and balanced platforms – across distribution, product and geography.
“Our clear strategy continues to work well as our experienced team of outstanding people collaborate to harness the enormous growth opportunities that the region presents.”
Established in Shanghai in 1919, AIA Group has footprint across 18 markets in the Asia-Pacific region. The company has a variety of products and services like life insurance, accident and health insurance and savings plans.
The life insurance company also offers employee benefits, credit life and pension services to its corporate clients.
Earlier this year, AIA Group has completed the acquisition of another 23% interest in India’s Tata AIA Life Insurance.