AIA said the growth in underlying profit was mainly a result of improved operating and claims experience reflecting its strategic focus on writing a high quality mix of business.
New business premiums increased by 6%.
Net profit after tax was $16.7 million.
AIA New Zealand chief executive Natalie Cameron said: “Our continued success in 2014 was the result of management’s focus on several key areas. First, we re-engaged financial advisers in our core retail and group markets through targeted campaigning and initiatives to support their businesses and provide a seamless distribution and operations service proposition.
“We also had another great year in group insurance with our refreshed operating model being well-received in the market. The key highlight, of course, was our successful bid to retain and extend our long-term partnership with the Police Welfare Fund to 24 years. In addition, we were successful in attracting an improved business mix and saw enhanced overall margin as a result."
Cameron said: “In 2013 we saw some early results from our strategy to position the business for future growth and enhanced profitability. 2014 has further proved the value of this strategy, and we expect to build on that success further in 2015 as we continue our pursuit of greater access to insurance for all New Zealanders.”
Cameron joined AIA New Zealand as new CEO this month, replacing Wayne Besant, who is now leading AIA in Vietnam.
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