Patrick Teow, AIA Singapore’s Chief Executive Officer, said:
“AIA Singapore achieved a strong set of financial results for 2015, sustaining the growth momentum in recent years and continuing to drive the life insurance industry’s progress.
“Based on a constant exchange rate basis, AIA Singapore achieved a 24% increase in Value of New Business (VONB), 5% increase in Annualised New Premiums (ANP) and a steady increase in Operating Profit After Tax (OPAT) of 9%, for 2015 as compared to 2014.
“The strong business performance is attributed to our continuous focus on increasing the financial services consultants’ productivity via the Premier Agency strategy, expanded partnerships with banks and brokers, and leadership in the group insurance business through both broker and agency channels.
“AIA Singapore’s strong performance in 2015 provides a springboard for us to do more and achieve even greater success in 2016. A key priority is in reinforcing our focus and commitment to serving policyholders and the larger community with innovations that enable them to live healthier and better lives. Putting our customers at the center of everything we do will be integral in AIA Singapore’s efforts to become the pre-eminent life insurer in Singapore.
“AIA Singapore is committed to playing an active role in driving the nation’s social and economic development, continuously investing in Singapore’s future by contributing to the health and financial wellbeing of Singaporeans through their different life stages. We are focused on providing a comprehensive range of innovative financial solutions, giving them easier access to protection, greater peace of mind and helping to narrow their insurance gap. Concurrently, we also pro-actively engage in their health through AIA Vitality, a transformational science-backed wellness programme, and other health-related community events, such as The Music Run™ by AIA.
“Emphasis is also being placed on innovation and leveraging technology to make insurance more accessible for customers. In October 2015, AIA Singapore launched the industry’s first fully mobile and secure digital underwriter, which allows on-the-spot underwriting with simplified and personalised questions. This revolutionised underwriting tool not only made the insurance purchase process easier and quicker, it also won AIA Singapore the “Innovator of the Year” award at the Singapore Business Review Management Excellence Awards 2015.”