AIA Group sets a cracking pace at its interim stage

Investors who
backed AIA Group’s initial public offer in October last year have
reason to smile following release of the Asian life insurer’s
interim results for the six months to 31 May 2011.

AIA fired on all cylinders,
increasing net profit 23% compared with the same period in 2009/10
to $1.31bn, and the value of new business by 32% to $399m. Both
results represent new records for the insurer.

“AIA’s strong performance
across all of our key financial performance measures demonstrates
the excellent progress we have made in executing our growth
strategy,” said AIA’s group chief executive and president. “There
is much more to come.”

AIA has operations in Hong
Kong, Thailand, Singapore, China, Malaysia, Korea, the Philippines,
Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei
and India.

Commenting further, Tucker
said: “AIA is a story of growth in the most dynamic region of the
world. Asia has been our home for over 90 years and it remains the
most attractive place in the world to do business given the
long-term economic outlook and demographic trends which fuel the
region’s savings and protection needs.”

AIA share price is currently trading at around HK$29
($3.70) on the Hong Kong Stock exchange, 47% above the HK$19.68 per
share at which American International Group (AIG) pitched its
initial public offer. AIG still has a 33% stake in AIA which it has
indicated it would like to retain.

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