Aviva Newsroom – 6 March, 2014

Aviva Asia Full Year 2013 Financial Results
A Successful Year of Strong Growth and Strategic Development

  • 65%1 increase in Aviva Asia’s growth measure - value of new business - to £91m (US$143m)
  • Standout year for Aviva Singapore and Aviva Cofco China - 53% and 74% increase in VNB respectively
  • Operating profit increased 52% to £97m (US$152m)

Singapore: Aviva Asia today announces its full year financial results for the 12-months ended 31 December 2013. Value of New Business (“VNB”), Aviva’s key growth metric, increased 65%1 over 2012 to £91m (US$143m), with the Singapore business achieving a 53% increase to £64m (US$100m) and China delivering 74% increase to £16m (US$25m). Aviva Asia delivered an increase of 52% in operating profit to £97m (US$152m).

During the year, Aviva Asia has made good progress in delivering its strategy, focused on growth primarily in China and South East Asia.

Strengthened regional team - In March 2013, Khor Hock Seng was appointed Chief Executive Officer of Aviva Asia to drive its growth strategy across the region, focusing on South East Asia and Greater China. Since his appointment, he has made a number of key senior appointments in management including regional hires in finance, human resources and distribution, to support the operational management teams in the individual markets. These appointments further underscore Aviva’s commitment to building its Asia businesses.

Focusing on the right opportunities - Across the region, we have focused our product set on protection and savings products which deliver stronger VNB. We have strengthened our distribution channels, expanded our agency force and tele-marketing channel in China, and grew our financial advisory channel in Singapore.

Indonesia new joint venture – In line with Aviva’s strategy of cash flow plus growth, in January 2014, Aviva signed a 50-50 joint venture with Astra International, subject to regulatory approval. Indonesia is one of the world’s fastest growing life insurance markets with the fourth largest population in the world, low insurance penetration, and a growing consumer class. Astra International is Indonesia’s largest publicly listed company, with more than 197,000 employees serving more than 10 million customers via 179 affiliated companies.

Khor Hock Seng, CEO of Aviva Asia said:

“2013 was a year of strong growth in our core markets. Singapore and China, in particular, stood out with good growth in VNB and profitability due to their excellent product range and multi-distribution strategy, demonstrating what we can achieve across the region. I joined one year ago with the specific remit of strengthening Asia's contribution to Aviva's overall performance.

2014 will be an exciting year for Aviva Asia, as we have a lot more to do to realise our full potential. We look forward to another year of focusing the business on growth and on our customers.”

1. Excluding Malaysia and Sri Lanka

About Aviva

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About Aviva Asia

  • Aviva operates in eight markets in Asia (China, Hong Kong, India, Indonesia, Singapore, South Korea, Taiwan, and Vietnam).
  • Aviva ranks among the top eight foreign life insurers through 50% joint venture with COFCO Ltd. in China, operating in twelve provinces and over 50 cities
  • Aviva operates in partnership with the Dabur Group in India, with a wide distribution network of 121 branches spreading across nearly 1,000 towns and cities.
  • In Indonesia, Aviva operates a top five employee benefits business. In January 2014, we signed an agreement, subject to regulatory approval, to enter into an equal joint venture agreement with Astra International, the biggest publicly listed company in Indonesia to sell and distribute life products.
  • Aviva is a top five life insurer in Singapore and one of the biggest providers of employee benefits and healthcare insurance. Aviva has a strong relationship with DBS Bank in Singapore and Hong Kong.
  • In Vietnam, Aviva operates as Vietinbank Aviva Life Insurance Ltd Co, a joint venture with Vietnam Commercial Joint Stock Bank of Industry and Trade.