The value of annualised new premiums also hit $290m.
AIA Singapore opened the year on strong financial footing after the value of new business (VNB) or profits from new premiums, surged 22% YoY to US$178m in the first six months of 2018, according to a media statement.
The insurer partially attributes the strong VNB growth to its strategic partnership with Citibank.
AIA Singapore’s annualised new premiums nearly doubled after rising 42% YoY to $290m in H1 2018 on the back of strong sales in agency and partnership distribution, pushing operating profit after tax up by 9% to $273m.
“Our focus on agency development has led to a 17% increase in the number of active agents and a double-digit growth in agent productivity compared with the first half of 2017,” the insurer said in a statement.
In the first half of the year, AIA Singapore strengthened its healthcare proposition after launching the first personal care management service through a partnership with Medix and AIA Pro Lifetime Protector, an investment-linked plan for young families in the city state.
On a per-country basis, AIA Singapore’s VNB picked up faster than Hong Kong, Thailand and Malaysia whose VNB grew 10%, 5% and 5% respectively in H1 2018 but fell significantly behind China’s VNB which surged 37% over the same period.
“We remained the leader in the group insurance business, driven by strong growth in both new premium of 33% ANP and renewal premium of 19% ANP, through both broker and agency channels,” added AIA.
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