Announcement

Aviva Newsroom - 7 August 2014

Aviva Asia Half Year 2014 Financial Results

A Strong Start to 2014: Continued High Growth

  • 76%1 increase in HY 2014 VNB to £66m (US$110m) from £41m2 in HY 2013
  • Aviva Asia contributed 15% to Aviva Group VNB (HY 2013: 10%)
  • Aviva Singapore and Aviva-COFCO China continue to deliver strong VNB growth – increased 49%1 and 144%1 respectively over HY 2013

Singapore: Aviva Asia today announces 2014 half year financial results for the six months ended 30 June 2014. Value of New Business (“VNB”), Aviva’s key growth metric, increased 76%1 over the first six months of 2014 to £66m (US$110m) from £41m2 in HY 2013, with the Singapore business achieving a 49%1 increase to £37m (US$62m) and China jumping 144%1 to £20m (US$33m). Aviva Asia’s contribution to Aviva Group’s VNB increased to 15% in the first six months of 2014 from 10% in HY 2013

In the first half of the year, Aviva made good progress in delivering its growth strategy in Asia, with the signing in January and regulatory approval in May of the Astra Aviva Life insurance joint venture in Indonesia.

Senior appointments announced during the first half: Chris Wei to join Aviva plc in October 2014 as CEO Global Life Insurance and Chairman of Aviva Asia, further strengthening the regional team after the appointments of Ken Rappold as CFO in April and Chuah Chin Seong as Chief Agency Officer in June. These appointments bolster the existing strong Aviva Asia management team led by CEO Khor Hock Seng, support the business in delivering growth across its core markets in Greater China and South East Asia, and clearly demonstrate Aviva’s commitment to the region.

Khor Hock Seng, CEO of Aviva Asia said:
“2014 has started strongly for Aviva Asia. China and Singapore have again delivered excellent growth in VNB, demonstrating what we can achieve across the region in the future. Our strategy is clear, it is progressing very well and is delivering great results. We are focusing on developing our core growth markets across Greater China and South East Asia, where we see enormous opportunity. There is still much for us to do in Asia to meet the changing needs of our customers, maximise our growth and achieve our full potential.”

1 All percentage increases in VNB are quoted on a constant currency basis
2 Excluding Malaysia

 

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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 54 cities
  • Aviva has had a presence in Hong Kong for more than 150 years.
  • 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 signed an agreement 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 operates in partnership with First Financial Holdings in Taiwan, with a wide distribution network of 190 branches across the country.
  • In Vietnam, Aviva operates as Vietinbank Aviva Life Insurance Ltd Co, a joint venture with Vietnam Commercial Joint Stock Bank of Industry and Trade.