AIA’s new business in markets including Australia and New Zealand grew 31% to $US115 million ($157.6 million) in the six months to May 31.

Annualised new premium for the six months was $US367 million ($503 million), up from $US317 million ($434 million) in the previous corresponding period.

Total weighted premium was $US1.5 billion ($2 billion), up from $US1.4 billion ($1.9 billion). Operating profit after tax gained 27% to $US185 million ($253 million).

The regional results also include Indonesia, the Philippines, Sri Lanka, Taiwan and Vietnam.

In a notice to the Hong Kong stock exchange, AIA says strong growth in the Australian independent adviser market was offset by lower group life sales. The insurer’s results do not break down individual sales.

“Positive claims experience and our continued efforts in proactive claims management also drove a significant increase in operating profit after tax.

“AIA New Zealand delivered strong growth in both annualised new premium and value of new business margin, as a direct result of enhancements to our existing protection portfolio… [and] changes to our service model for the independent financial adviser channel, including putting in place a team focused on helping them improve client-retention.”

For the overall AIA Group, new business gained 21% to $US959 million ($1.3 billion) in the six months to May 31.

Annualised new premium was $US1.8 billion ($2.4 billion), up 11%, and operating profit after tax grew 12% to $US1.6 billion ($2.1 billion).

AIA Group CEO Mark Tucker says the insurer has delivered a strong half, despite foreign exchange volatility.

“Our disciplined approach to the management of our inforce business has enabled us to achieve a strong increase in operating profit and maintain our resilient solvency position,” he said. “Our financial results continue to demonstrate the value of the consistent execution of our well-established growth strategy and our exclusive focus on the Asia-Pacific region.”