AIA says its “other markets” division – which includes Australia – suffered a 4% drop in new business to $US212 million ($272 million) in the year to November 30.

Total premium income for the division grew 10% to $US3.1 billion ($3.9 billion), which pushed after-tax operating profit up 31% to $US314 million ($403 million).

“Other markets” also covers New Zealand, Indonesia, Philippines, Sri Lanka, Taiwan and Vietnam.

In a statement to the Hong Kong Stock Exchange, AIA says while Australia “delivered a solid underlying performance, reported value of new business growth was affected by significant currency depreciation”.

The insurer has not released individual results for countries in the division.

AIA says it has added more than 1000 advisers using its products in Australia, as part of its drive to expand its distribution footprint here.