AIA Reports Financial Results For 2019 - Seite 2

"Our wholly-owned operation in Mainland China once again delivered a very strong performance with 27 per cent growth in VONB. I am also pleased that OPAT from Mainland China exceeded US$1 billion for the first time, illustrating the attractive financial dynamics of our business. Following the announcement late last year of the further opening of Mainland China to foreign life insurers, we submitted an application for regulatory approval to convert our Shanghai branch into a subsidiary. Subject to regulatory approval, this will form the new foundation for our geographical expansion plans in Mainland China, which began with the opening of new sales and service centres in Tianjin and Shijiazhuang, Hebei during 2019.

"The 5 per cent VONB reduction in Hong Kong reflected a decline in sales from Mainland Chinese visitors in the second half of 2019,  broadly tracking the fall in the number of visitor arrivals as previously highlighted. Our domestic customer segment in Hong Kong continued to deliver a strong performance with double-digit VONB growth for the year.

"VONB growth in Thailand and Malaysia was supported by our Premier Agency strategy and bancassurance partnerships. Other Markets achieved 27 per cent growth in VONB, led by strong performances in Australia, the Philippines and Vietnam.

"AIA's proprietary agency distribution delivered 11 per cent VONB growth as we focused on our quality recruitment programmes to drive an increase in the number of active agents. Our partnership distribution business reported slightly lower VONB as strong VONB growth in the bancassurance channel was offset by a significant decline from the retail IFA channel in Hong Kong in the second half. Excluding Hong Kong, agency distribution VONB grew by 16 per cent and partnership distribution VONB increased by 19 per cent for the year.

"The Board has recommended a 10 per cent increase in final dividend for 2019 to 93.30 Hong Kong cents per share, following AIA's established prudent, sustainable and progressive dividend policy allowing for future growth opportunities and the financial flexibility of the Group within the context of the immediate macroeconomic and capital markets environment.

"While our insurance benefits provide financial support to our millions of customers when they need it most, we continue our journey of moving beyond the traditional transaction-focused insurance model towards being a lifelong partner to our customers. The further growth in the membership of our wellness programmes to 1.7 million reflects our commitment to helping millions of people live Healthier, Longer, Better Lives.