The value of new business from AIA Group’s “other markets” region, which includes Australia, grew 10% to $US321 million ($416 million) in the year to November 30.

Total weighted premium income for other markets was $US5.4 billion ($7 billion) for the year, up 6% on the previous year.

After-tax profit for the region was $US662 million ($858 million), up 17%.

In a statement to the Hong Kong stock exchange, AIA says its Australian operations delivered double-digit new business growth, without specifying figures. Growth came from individual retail through independent financial advisers, and its group life business.

“Our new online portal helped us maintain our leadership position in the Australian retail adviser life market,” the statement says. “We also generated strong growth in group insurance business by focusing on the retention of major corporate clients during the year.”

AIA Group new business was up 28% to $US2.7 billion ($3.5 billion) for the year to November 30. Annualised new premium was up 31% to $US5.1 billion ($6.6 billion).

Total weighted premium income was $US22.1 billion ($28.6 billion), up 14% on the previous year.  

Operating profit after tax grew 15% to $US3.9 billion ($5 billion).

AIA Group CEO Mark Tucker says the insurer has achieved record new business profit and significant earnings growth.

“Our consistent track record of year-on-year profitable growth is the direct result of the strong fundamental growth drivers in the Asia-Pacific region,” he said.

“The powerful structural economic, social and demographic changes taking place across the region present an unparalleled opportunity for the Asian life insurance industry… one which AIA, with our distribution reach, trusted brand, financial strength and people capabilities, is in an advantaged position to capture.”

Mr Tucker says the company has seen strong new business growth in the first two months of the current financial year.