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2015
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  • AIA Delivers Excellent Results

    24 July 2015


    VONB up 25 per cent on constant exchange rates Strong IFRS earnings growth and progressive dividend

    HONG KONG, 24 July 2015 – The Board of Directors of AIA Group Limited (stock code: 1299) is pleased to announce that AIA delivered another strong set of results for the six months ended 31 May 2015.

    The main highlights of the results are:

    Excellent growth in value of new business (VONB)

    •  VONB of US$959 million, up 21 per cent; up 25 per cent on constant exchange rates (CER)
    •  Annualised new premiums (ANP) of US$1,878 million, up 11 per cent; up 15 per cent on CER
    •  VONB margin of 50.2 per cent, up 4.0 pps

    Strong increase in IFRS operating profit

    •  IFRS operating profit after tax (OPAT) of US$1,630 million, up 12 per cent; up 15 per cent on CER
    •  Net profit up 41 per cent to US$2,180 million; up 45 per cent on CER

    Sustainable value creation and robust capital position

    •  Free surplus of US$8.3 billion, up 7 per cent over the first half
    •  Free surplus generation of US$2.1 billion
    •  30 per cent increase in net remittances to US$1.0 billion
    •  EV Equity of US$40.5 billion, up 4 per cent over the first half
    •  EV of US$38.6 billion, up 4 per cent over the first half
    •  Solvency ratio for AIA Co. increased by 26 pps to 453 per cent on the HKICO basis

    Increased interim dividend

    •  17 per cent increase in interim dividend to 18.72 Hong Kong cents per share

    Mark Tucker, AIA’s Group Chief Executive and President, said:

    “AIA has delivered another strong performance in the first half of 2015. VONB growth is 25 per cent on a constant exchange rate basis, which more clearly reflects the underlying performance of the business during the recent period of foreign exchange volatility.

    “Our disciplined approach to the management of our in-force business has enabled us to achieve a strong increase in IFRS operating profit and maintain our resilient solvency position. Our financial results continue to demonstrate the value of the consistent execution of our well-established growth strategy and our exclusive focus on the Asia-Pacific region.

    “The region continues to present enormous growth opportunities for AIA. Ongoing urbanisation and rising disposable incomes, coupled with low provision of social welfare benefits, will continue to fuel the substantial and growing need for healthcare, protection and long-term savings products. AIA is exceptionally well-positioned to make the most of these opportunities.

    “The Board has declared a 17 per cent increase in the interim dividend, a clear reflection of the health of AIA’s business, our strong financial results and our confidence in the future prospects for the Group. The power of AIA’s franchise, the breadth of our product range, our trusted brand and unrivalled financial strength will enable us to continue to generate sustainable value for our customers and shareholders.”

    - End -

    About AIA

    AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 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 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and representative offices in Myanmar and Cambodia.

    The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$172 billion as of 31 May 2015.

    AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 29 million individual policies and over 16 million participating members of group insurance schemes.

    AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).

    Contacts

    Invesment Community   News Media  
    Paul Lloyd +852 2832 6160 Stephen Thomas +852 2832 6178
    Feon Lee +852 2832 4704 Sonia Tsang +852 2832 1868
    Joel Lieginger +852 2832 4703 Emerald Ng +852 2832 4720

    APPENDIX

    Financial Summary

    Key Performance Highlights        
       

    Six months

     ended

    Six months

     ended

     
    US$ millions, unless otherwise stated   31 May 2015 31 May 2014 YoY
    New Business Value        
    Value of new business (VONB)   959 792 21%
    VONB margin   50.2% 46.2% 4.0pps
    Annualised new premiums (ANP)   1,878 1,690 11%
    Embedded value (EV) Equity¹   40,478 39,042 4%

    IFRS

    Operating profit after tax (OPAT

      1,630 1,457 12%
    Dividend per share (HK cents)   18.72 16.00 17%

    ¹ Comparatives for balance sheet items are shown at 30 November 2014.

    New Business Performance by Segment                
       

    Six months

    ended

    31 May 2015

       

    Six months

    ended

    31 May 2014

     

    VONB

    Change

     
    US$ millions, unless otherwise stated VONB

    VONB

    Margin

    ANP VONB

    VONB

    Margin

    ANP

    YoY

    AER

    YoY

    CER

    Hong Kong 335 59.6% 540 260 62.4% 401 29% 29%
    Thailand 183 71.5% 256 162 63.3% 256 13% 14%
    Singapore 142 62.9% 225 127 59.3% 214 12% 19%
    Malaysia 78 55.4% 138 70 43.9% 161 11% 22%
    China 187 84.8% 220 120 78.7% 152 56% 58%
    Korea 23 17.5% 132 35 18.6% 189 (34)% (32)%
    Other Markets 115 31.2% 367 96 29.9% 317 20% 31%

    Subtotal

    Adjustment to reflect additional

    1,063 55.8% 1,878 870 50.8% 1,690 22% 26%
    Hong Kong reserving and capital requirements (48) n/m n/m (24) n/m n/m n/m n/m
    After-tax value of unallocated Group Office expenses (56) n/m n/m (54) n/m n/m n/m n/m
    Total 959 50.2% 1,878 792 46.2% 1,690 21% 25%

    Notes:

    1. All figures are presented in actual reporting currency (US dollar) and based on actual exchange rates (AER) unless otherwise stated. Change on constant exchange rates (CER) is calculated using constant average exchange rates for the first half of 2015 and the first half of 2014.
    2. Change is shown on a year-on-year basis unless otherwise stated.
    3. Economic assumptions are the same as those shown as at 30 November 2014 in our 2014 annual results preliminary announcement published on 26 February 2015. Non-economic assumptions used are based on those at 30 November 2014 updated to reflect AIA’s view of the latest experience observed.
    4. VONB is calculated based on assumptions applicable at the point of sale and before deducting the amount attributable to non-controlling interests. The amounts of VONB attributable to non-controlling interests in the first half of 2015 and in the first half of 2014 were US$11 million and US$4 million respectively.
    5. VONB includes pension business. ANP and VONB margin exclude pension business.
    6. ANP represents 100 per cent of annualised first year premiums and 10 per cent of single premiums, before reinsurance ceded and excluding pension business.
    7. TWPI consists of 100 per cent of renewal premiums, 100 per cent of first year premiums and 10 per cent of single premiums, before reinsurance ceded.
    8. IFRS operating profit after tax, net profit and operating earnings per share are shown after non-controlling interests unless otherwise stated.
    9. EV Equity includes goodwill and other intangible assets.
    10. Hong Kong refers to operations in Hong Kong and Macau; Singapore refers to operations in Singapore and Brunei; and Other Markets refers to operations in Australia, Indonesia, New Zealand, the Philippines, Sri Lanka, Taiwan and Vietnam.
    11. The results of our joint venture in India are accounted for using the equity method. For clarity, TWPI, ANP and VONB exclude any contribution from India.
    12. AIA’s financial information in this announcement is based on the unaudited interim condensed consolidated financial statements and supplementary embedded value information for the first half of 2015.

    This document contains forward-looking statements relating to AIA Group Limited that are based on the beliefs of the Group’s management as well as assumptions made by and information currently available to the Group’s management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. When used in this document, the words “will”, “future” and similar expressions are intended to identify forward-looking statements. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward-looking statements.

    This document is for information purposes only and does not constitute an invitation or offer by any person to acquire, purchase or subscribe for securities. This document is not, and is not intended to be, an offer of securities for sale in the United States. The securities of AIA Group Limited have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the U.S. Securities Act. There is not, and is not intended to be, any public offering of such securities in the United States.

    # # #

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    Copyright © 2023 AIA Group Limited and its subsidiaries. AIA Bhd. 200701032867 (790895-D) AIA PUBLIC Takaful Bhd. 201101007816 (935955-M) AIA General Berhad 201001040438 (924363-W) AIA Pension and Asset Management Sdn. Bhd. 201201027147 (1011637-P) AIA Health Services Sdn. Bhd. 199601016211 (388561-T). All rights reserved.
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