AIA is the fastest-growing life insurer in the Australian market, according to its Australia CEO Peter Crewe.

The company’s strong performance is in line with the pan-Asian group’s overall results, which show the value of its new business rising 28% to $US512 million ($489 million) for the six months to May 31 this year.

Mr Crewe says the Australian division has “contributed to the achievement of these results” though its steady growth and its leadership of the group insurance sector.

Figures released in July by research group Plan For Life show AIA Australia achieved individual risk lump sum growth of 22% and an overall income rise of 16.5% for the year to March 31.

It also had $875 million of inforce group policies giving it 24.2% of the Australian market at the end of March.

Annualised new premium income across the AIA group rose 9% in the May half to $US1.18 billion ($1.12 billion), while embedded value in the business rose $US1.6 billion ($1.52 billion) to $US27.24 billion ($26.02 billion).

The solvency ratio stood at a healthy 456% of regulatory requirements on May 31, following the conversion of the Singapore operations into a subsidiary.

Operating profit after-tax for the May 31 half was up 12% to $US1.08 billion ($1.03 billion).