HONG KONG – The Board of Directors of AIA Group Limited has announced that AIA has delivered strong results for the year ended November 30, 2017 with double-digit growth across our main financial metrics.
Highlights (on a constant exchange rate basis):
Excellent growth in value of new business (VONB); 28 per cent growth in VONB to US$3,512 million; Annualised new premiums (ANP) increased by 19 per cent to US$6,092 million; VONB margin up 4.1 pps to 56.8 per cent;
PVNBP margin increased to 10 per cent from 9 per cent in 2016.
IFRS operating profit after tax (OPAT) up 16 per cent to US$4,647 million
Embedded value (EV) operating profit increased by 19 per cent to US$6,997 million; Operating return on EV (operating ROEV) up 110 bps to 16.6 per cent.
Robust cash flow and resilient capital position: EV Equity of US$51.8 billion; EV of US$50.1 billion, up US$8.0 billion; Underlying free surplus generation of US$4,527 million, up 13 per cent Free surplus of US$12.3 billion; Net remittances of US$2.1 billion; Solvency ratio for AIA Co., our principal operating company, of 443 per cent on the HKIO basis.
Significant increase in recommended final dividend. Seventeen per cent growth in final dividend to 74.38 Hong Kong cents per share
Total dividend of 100.00 Hong Kong cents per share, an increase of 17 per cent. AIA’s Group Chief Executive and President Ng Keng Hooi said, “AIA has delivered another strong performance with double-digit growth across our main financial metrics. “Value of new business increased by 28 per cent to reach a new high of US$3,512 million and we also achieved strong growth in IFRS operating profit and free surplus.
“Today’s results are the direct outcome of the scale, quality and breadth of AIA’s exceptional businesses across the region and the significant progress we are making in delivering our strategic objectives. “The Board has recommended an increase of 17 per cent in the 2017 final dividend, reflecting the strength of AIA’s financial results as well as our confidence in the outlook for the Group.