Aviva Asia posts 55% new business growthMarch 9 2018 by InsuranceAsia News Staff
Aviva Asia recorded a 55% increase in the value of new business (VNB) in 2017, to £161 million (US$208 million) from £99 million in 2016, the company announced on Thursday.
Operating profit from life, general insurance and health businesses rose 17% to £107 million, along with profit growth in China and Singapore.
China doubled its VNB, driven by expansion in agency and broker channels while Singapore’s VNB grew 24%, which the company said was a result of the success of distribution channels including Aviva Financial Advisers and Affinity channel.
Higher sales volume in bancassurance propelled significant VNB growth in Vietnam and Indonesia.
The company has strengthened its focus on high-growth Asian markets. It launched Aviva Vietnam Life Insurance in August last year after its acquisition of VietinBank’s remaining 50% shareholding in life insurance joint venture VietinBank Aviva Life Insurance.
“Our strategy remains focused on investing in Asian markets with significant growth potential,” said Chris Wei, executive chairman of Aviva Asia & Friends Provident International and global chairman of Aviva Digital. “The launch of our Vietnam business was a significant milestone for us. The robust VNB growth of Aviva Vietnam is testament to the success of our multi-channel distribution strategy and our decision to make the business a wholly-owned subsidiary.”
In February, it completed a joint venture to develop digital insurance in Hong Kong with Hillhouse Capital and Tencent.
“This partnership with Tencent and Hillhouse Capital will bring the best frictionless experience for our customers through disruptive technologies, and will be a key player in driving digital revolution in the insurance sector in Hong Kong and Asia,” said Wei.
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