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Mainland ranks 4th among AIA's Asian markets
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CHINA'S mainland remained the fourth largest market in Asia for AIA Group as the value of new business jumped 34 percent in the 12 months through November 30, the company said today.
The value of new business, an indicator of future profitability of new policies, rose in the mainland to US$166 million. The mainland lagged Hong Kong, Thailand and Singapore in AIA's 17 Asian markets.
“China's insurance market has recovered in 2013,” AIA China CEO John Cai said. “Slow market growth in the past two years indicate it's improper to focus only on expansion. We need to insist on a sustainable development model based on value.”
Cai said AIA China will focus on building high-end sales agent teams and provide assurance products to clients in the next five years.
China's life insurance gross premiums rose 7.7 percent in 2013 from a year ago to 1.07 trillion yuan (US$162.16 billion), according to the China Insurance Regulatory Commission. That compared with 4.5 percent annual growth in 2012.
AIA Group, the third-largest Asia-based insurer, in February said the group's value of new business rose 25 percent from a year ago to US$1.49 billion as of November 30.
The group's net profit was down 7 percent to US$2.82 billion, reflecting a decline in investment returns from a weak stock market performance in the second half, the group said in a financial statement.
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