AIA net profit jumps to US$3.02b

HONG KONG: Asian insurance giant AIA said yesterday its net profit for the year rocketed almost 90 per cent, building on growth from previous years despite a challenging economic environment.

Hong Kong-listed AIA said net profit for the year ended November 30 jumped to US$3.02 billion (RM9.36 billion) from US$1.60 billion last year.

New business, a key performance measure for profitability, grew by 27 per cent to US$1.19 billion, up from US$932 million.

"AIA's ability to achieve growth of this magnitude against the challenging global macro-economic background ... demonstrates the resilience of our strategy and the quality of AIA's franchise and business model," the company said in a statement to the Hong Kong stock exchange.

"Our exclusive focus on the region means that we have the ability to better understand the needs of our customers on the ground and are able to take full advantage of the opportunities presented by the fast-growing markets in which we operate. AFP