AIA Singapore's premium income up 7% to $1.46b in H1

It cited the growth of its renewal premiums.

AIA Singapore’s total weighted premium income grew 7% to $1.46b in the first half of 2019 thanks to the robust growth in renewal premiums, its financial statement revealed. IFRS Operating Profit After Tax (OPAT) increased by 5% with underlying business growth.

AIA Singapore also reported US$173m of Value of New Business (VONB) in the first half of 2019, whilst VONB margin strengthened by +3.4 pps to 64.8%. Annualised New Premium (ANP) was lower by 6% YoY against the first half of 2018 to US$267m.

“Our exclusive partnership with Citibank delivered solid growth in VONB, supported by a strong performance from the bank’s domestic mass affluent and retail customer segments,” the company said in a statement.

In 2019, AIA Singapore launched a new digital service which enables SingPass users to authorise retrieval of personal data from MyInfo via SingPass Mobile. Patrick Teow, chief executive officer of AIA Singapore, said, “This service is one of the first in Singapore among insurers that facilitates faster and more secure transactions for customers.”