AIA New Zealand notes strong annual results; growth in market share and persistency

Life insurer AIA New Zealand is kicking off 2012 by reporting strong annual results. The company notes that its share of new business for the year ending 31 December 2011 was 8.4%, placing it fourth in the market behind Sovereign, OnePath and AMP (source: ISI (Investment Savings and Insurance Association)). This represents a substantial jump from 2010, which the company ended in sixth place with a 6.54% share of new business.

Additionally, the company’s persistency figures are on the rise. AIA New Zealand exceeded its 2011 target of 89% for annualised new premium results, reaching 89.5% compared with 87.2% in 2010.
AIA New Zealand CEO Wayne Besant said, “We are pleased by these results, which show that the New Zealand business is benefiting from our work in the past two years to reach and engage with our target audiences in a more simple and relevant way. We saw the initial outcomes last year, and our share of new business and higher than target persistency rates as of end 2011 show that our customers are responding to our strong commitment to them.

“We are proud to be part of the fifth-largest insurance company in the world, and the combination of our global strength and local strategy is leading to solid progress in the New Zealand market.”

AIA New Zealand continues to work at a community level on the engagement programme, and has deepened its existing partnership with Maori Television: the company is now the naming rights sponsor for the top-rated Marae DIY during the 2012 series.
AIA New Zealand is one of the highest-rating insurers in New Zealand and Asia Pacific, with a Standard & Poor’s rating of AA-.