AIA GROUP LIMITED AIA Group Limited
香港中環干諾道中一號 35/F, AIA Central
友邦金融中心三十五樓 1 Connaught Road Central
Hong Kong
T: (852) 2832 6166
F: (852) 2838 2005
AIA.com
Media Release
AIA Delivers Record Results Value of New Business Up 24 Per Cent Strong Earnings Growth and Increased Dividend HONG KONG, 26 February 2015 - The Board of Directors of AIA Group Limited (stock code:
1299) is pleased to announce that AIA has achieved another excellent set of results for the year ended 30 November 2014.
The highlights of AIA's performance in 2014 include:
• 24 per cent growth in VONB to US$1,845 million
• Annualised new premium (ANP) of US$3,700 million, up 11 per cent
• 5.0 pps increase in VONB margin to 49.1 per cent
Strong IFRS operating profit growth• 16 per cent growth in IFRS operating profit after tax (OPAT) to US$2,910 million
• IFRS operating earnings per share up 16 per cent to 24.31 US cents
• Net profit up 22 per cent to US$3,450 million
Sustainable value creation and robust capital position• 14 per cent growth in embedded value (EV) operating profit to US$4,535 million
• US$4.2 billion increase in EV Equity to US$39.0 billion, up 12 per cent
• Solvency ratio for AIA Co. of 427 per cent on the HKICO basis
The Board of Directors has recommended a final dividend increase of 19 per cent to 34.00 Hong Kong cents per share, subject to shareholders' approval. This brings the total dividend for 2014 to 50.00 Hong Kong cents per share.
Mark Tucker, AIA's Group Chief Executive and President, said:"AIA achieved another excellent set of results in 2014, delivering a record VONB of US$1,845 million, up 24 per cent from 2013. Our performance is a clear reflection of the strength of AIA's business model, the determined execution of our proven growth strategy and our position as the leading insurer exclusively focused on the Asia-Pacific region. The consistency in our performance year on year, with each of our key financial metrics reaching new highs, demonstrates AIA's potential for future value creation.
AIA Group Limited is incorporated in Hong Kong with limited liability. 友邦保險控股有限公司是於香港註冊成立之有限公司。
AIA Delivers Record Results
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"Asia is one of the world's most attractive and dynamic insurance markets. Urbanisation, rising disposable incomes, relatively low levels of social welfare and a rapidly-growing middle class continue to provide enormous structural growth opportunities across our markets. AIA is exceptionally well-positioned with our market-leading positions, extensive geographical reach, deep experience in Asia and exceptional financial strength. We are committed to growing our business by helping our customers meet their long-term protection needs and wealth aspirations. We will continue to do this in a way that reflects our aim of making a difference to the real lives of people and their communities.
"We have achieved a great deal since our IPO but, as I have said many times before, I strongly believe that we are still at an early stage in a long journey to realising AIA's full potential. That is a very exciting prospect for our business. 2015 will be our fifth year since becoming an independently listed company and throughout this time we have generated year-on-year profitable growth and made substantial progress in delivering increase in long-term sustainable value for our shareholders. The Board has recommended a 19 per cent increase in our final dividend, a clear reflection of the health of our business, the strong results and our confidence in AIA's outstanding prospects."
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AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has operations in 17 markets in Asia-Pacific - wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$167 billion as of 30
November 2014.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 28 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code "1299" with American Depositary Receipts (Level 1) traded on the over-the- counter market (ticker symbol: "AAGIY").
Contacts | |
Investment Community | News Media |
Paul Lloyd +852 2832 6160 | Stephen Thomas +852 2832 6178 |
Feon Lee +852 2832 4704 | Sonia Tsang +852 2832 1868 |
Joel Lieginger +852 2832 4703 | Emerald Ng +852 2832 4720 |
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APPENDIX Financial Summary Key Performance HighlightsUS$ millions, unless otherwise stated | 2014 2013 YoY |
New Business Value Value of new business (VONB) VONB margin Annualised new premium (ANP) | 1,845 1,490 24% 49.1% 44.1% 5.0 pps 3,700 3,341 11% |
EV Equity | 39,042 34,871 12% |
IFRS Operating profit after tax (OPAT) | 2,910 2,506 16% |
Total dividend per share (HK cents) | 50.00 42.55 18% |
US$ millions, unless otherwise stated | 2014 VONB VONB Margin ANP | 2013 VONB VONB Margin ANP | VONB Change |
Hong Kong Thailand Singapore Malaysia China Korea Other Markets | 619 62.3% 952 361 63.2% 572 299 61.2% 489 161 50.1% 320 258 83.1% 311 82 21.7% 380 212 31.3% 676 | 468 57.6% 781 319 56.3% 565 269 67.3% 400 120 37.8% 319 166 66.4% 249 91 26.8% 338 220 32.0% 689 | 32% 13% 11% 34% 55% (10)% (4)% |
Subtotal Adjustment to reflect additional Hong Kong reserving and capital requirements After-tax value of unallocated Group Office expenses | 1,992 53.1% 3,700 (50) n/m n/m (97) n/m n/m | 1,653 48.9% 3,341 (67) n/m n/m (96) n/m n/m | 21% n/m n/m |
Total | 1,845 49.1% 3,700 | 1,490 44.1% 3,341 | 24% |
Notes:
(1) Change is shown on a year-on-year basis unless otherwise stated.
(2) VONB is calculated based on assumptions applicable at the point of sale and before deducting the amount attributable to non-controlling interests. The amounts of VONB attributable to non-controlling interests in 2014 and 2013 were US$13 million and US$11 million respectively.
(3) VONB includes pension business. ANP and VONB margin exclude pension business.
(4) ANP represents 100 per cent of annualised first year premiums and 10 per cent of single premiums, before reinsurance ceded and excluding pension business.
(5) IFRS operating profit after tax (OPAT), net profit and operating earnings per share are shown after non-controlling interests unless otherwise stated.
(6) EV Equity includes goodwill and other intangible assets.
(7) Hong Kong refers to operations in Hong Kong and Macau; Singapore refers to operations in Singapore and Brunei; and Other Markets refers to operations in Australia, Indonesia, New Zealand, the Philippines, Sri Lanka, Taiwan and Vietnam.
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(8) AIA's previously-announced acquisitions of ING Management Holdings (Malaysia) Sdn. Bhd. (ING Malaysia) and Aviva NDB Insurance (ANI) in Sri Lanka completed in December 2012. The financial results of these two newly-acquired businesses are accounted for in the Group's 2013 results from the respective dates of completion.
(9) The results of our joint venture in India are accounted for using the equity method. For clarity, ANP
and VONB exclude any contribution from India.
(10) 2013 financial information as well as EV and EV Equity have been adjusted to reflect the adoption of new and revised accounting standards by AIA in 2014.
The Group's financial information in this document is based on the audited consolidated financial statements and supplementary embedded value information for the year.
This document contains forward-looking statements relating to AIA Group Limited that are based on the beliefs of the Group's management as well as assumptions made by and information currently available to the Group's management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. When used in this document, the words "will", "future" and similar expressions are intended to identify forward-looking statements. You are strongly cautioned that reliance on any forward- looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward-looking statements.
This document is for information purposes only and does not constitute an invitation or offer by any person to acquire, purchase or subscribe for securities. This document is not, and is not intended to be, an offer of securities of the Company for sale in the United States. The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the U.S. Securities Act. There is not, and is not intended to be, any public offering of the securities of the Company in the United States.
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