AIA New Zealand Notes Strong Annual Results

Press Release – AIA NZ

Life insurer AIA New Zealand is kicking off 2012 by reporting strong annual results. The company notes that its share of new business for the year ending 31 December 2011 was 8.4%, placing it fourth in the market behind Sovereign, OnePath and AMP …
AIA NEW ZEALAND NOTES STRONG ANNUAL RESULTS;

GROWTH IN MARKET SHARE AND PERSISTENCY
AUCKLAND, 27 February 2012 – Life insurer AIA New Zealand is kicking off 2012 by reporting strong annual results. The company notes that its share of new business for the year ending 31 December 2011 was 8.4%, placing it fourth in the market behind Sovereign, OnePath and AMP (source: ISI (Investment Savings and Insurance Association)). This represents a substantial jump from 2010, which the company ended in sixth place with a 6.54% share of new business.

Additionally, the company’s persistency figures are on the rise. AIA New Zealand exceeded its 2011 target of 89% for annualised new premium results, reaching 89.5% compared with 87.2% in 2010.

AIA New Zealand CEO Wayne Besant said, “We are pleased by these results, which show that the New Zealand business is benefiting from our work in the past two years to reach and engage with our target audiences in a more simple and relevant way. We saw the initial outcomes last year, and our share of new business and higher than target persistency rates as of end 2011 show that our customers are responding to our strong commitment to them.
“We are proud to be part of the fifth-largest insurance company in the world, and the combination of our global strength and local strategy is leading to solid progress in the New Zealand market.”
AIA New Zealand continues to work at a community level on the engagement programme, and has deepened its existing partnership with Maori Television: the company is now the naming rights sponsor for the top-rated Marae DIY during the 2012 series.

AIA New Zealand is one of the highest-rating insurers in New Zealand and Asia Pacific, with a Standard & Poor’s rating of AA-.

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About AIA New Zealand
AIA New Zealand is the trading name of American International Assurance Company (Bermuda) Limited (AIA) in New Zealand, and a member of the AIA Group.
Since the company arrived in New Zealand in 1981, AIA New Zealand has consistently provided the market with innovative personal and business insurance products that suit the Kiwi way of life. Today we offer a complete range of risk management products that focus on the needs of our customers.
AIA New Zealand is based in Auckland with regional offices in Wellington, Hamilton and Christchurch. However, through our Insurance consultant network, we reach every corner of the country.
AIA New Zealand is a member of the Investment Savings and Insurance Association (ISI), the Insurance and Savings Ombudsman Scheme (ISO) and the Health Funds Association of New Zealand (HFANZ).
About the AIA Group
AIA Group Limited and its subsidiaries (collectively “the AIA Group” or “the Group”) comprise the largest independent publicly listed pan-Asian life insurance group in the world, with a broad footprint spanning 15 markets in Asia Pacific. The Group traces its roots in the region back more than 90 years and has total assets of US$107.9 billion.
The AIA Group meets the protection, savings and investment needs of individuals by offering a comprehensive suite of products and services covering accident and health insurance, life insurance and retirement planning. It also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of more than 260,000 agents and over 21,000 employees across Asia Pacific, AIA serves the holders of over 23 million individual policies and over 10 million participating members of group policies.
The Group has operations in Hong Kong, Thailand, Singapore, China, Malaysia, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei and India.
The AIA Group is a market leader in the Asia Pacific region based on life insurance premiums, and holds number one positions in six of its geographical markets. Due to its historical roots in Asia, the AIA Group has built a network of mainly wholly-owned businesses operating as branches or subsidiaries. Only in India, where legislation restricts foreign ownership of insurance companies to 26%, is the Group’s main operating unit a joint venture.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code ‘1299’.

Content Sourced from scoop.co.nz
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