VONB up 28per cent on constant exchangerates
Operating profit up 15 per cent — Final dividend up 25 per cent
The Board of Directors of AIA Group Limited ("AIA"; or the "Company"; stock code: 1299) is pleased to announce that AIA has delivered excellent results for the year ended 30 November 2016. Highlights are shown on a constant exchange rate basis:
Excellent growth in value of new business (VONB)
* 28 per cent growth in VONB to US$2,750 million
* 31 per cent increase in annualised new premiums (ANP) to US$5,123 million
* VONB margin of 52.8 per cent
Strong operating profit generation
* IFRS operating profit after tax (OPAT) up 15 per cent to US$3,981 million
* IFRS operating earnings per share up 15 per cent to 33.25 US cents
* Embedded value (EV) operating profit up 19 per cent to US$5,887 million
* Operating return on EV (ROEV) increased to 15.4 per cent
Robust cash flow and resilient capital position
* Underlying free surplus generation of US$4,024 million, up 11 per cent
* Free surplus of US$9.8 billion
* EV Equity of US$43.7 billion; EV of US$42.1 billion, up 12 per cent
* Net remittances of US$2.0 billion
* Solvency ratio for our principal operating company, AIA Co., of 404 per cent on the HKICO basis
Significant increase in recommended final dividend
* 25per cent increase in final dividend to 63.75 Hong Kong cents per share
* Total dividend of 85.65 Hong Kong cents per share, an increase of 23 per cent
Mark Tucker, AIA’s Group Chief Executive and President, said:
"AIA has delivered an excellent set of results in 2016. We have achieved record new business profits, significant earnings growth, strong free surplus generation and a step up in shareholder dividends. Today’s headline figures, with VONB up by 28 per cent, and our consistent track record of year-on-year profitable growth are the direct result of the strong fundamental growth drivers in the Asia-Pacific region, our highly-diversified and resilient business model and our commitment to building a high-quality, sustainable business for the long term.
"The Board has recommended a further step up of 25 per cent in the 2016 final dividend from our higher base in 2015 to 63.75 Hong Kong cents per share. This dividend uplift reflects our excellent financial performance and our confidence in the future outlook for the Group.
"AIA has been in Asia for close to a century. The powerful structural economic, social and demographic changes taking place across the region present an unparalleled opportunity for the Asian life insurance industry and one which AIA, with our distribution reach, trusted brand, financial strength and people capabilities, is in an advantaged position to capture.
"We have made an excellent start to 2017 with strong value of new business growth in the first two months of our financial year. We have clear strategic priorities in place and are committed to building on our strong competitive advantages by helping our customers meet their long-term financial needs through our products and services. This provides us with a strong foundation to deliver profitable growth and long-term value for our shareholders, as we help our customers live longer, healthier, better lives and plan for a brighter future."
Operating profit up 15 per cent — Final dividend up 25 per cent
The Board of Directors of AIA Group Limited ("AIA"; or the "Company"; stock code: 1299) is pleased to announce that AIA has delivered excellent results for the year ended 30 November 2016. Highlights are shown on a constant exchange rate basis:
Excellent growth in value of new business (VONB)
* 28 per cent growth in VONB to US$2,750 million
* 31 per cent increase in annualised new premiums (ANP) to US$5,123 million
* VONB margin of 52.8 per cent
Strong operating profit generation
* IFRS operating profit after tax (OPAT) up 15 per cent to US$3,981 million
* IFRS operating earnings per share up 15 per cent to 33.25 US cents
* Embedded value (EV) operating profit up 19 per cent to US$5,887 million
* Operating return on EV (ROEV) increased to 15.4 per cent
Robust cash flow and resilient capital position
* Underlying free surplus generation of US$4,024 million, up 11 per cent
* Free surplus of US$9.8 billion
* EV Equity of US$43.7 billion; EV of US$42.1 billion, up 12 per cent
* Net remittances of US$2.0 billion
* Solvency ratio for our principal operating company, AIA Co., of 404 per cent on the HKICO basis
Significant increase in recommended final dividend
* 25per cent increase in final dividend to 63.75 Hong Kong cents per share
* Total dividend of 85.65 Hong Kong cents per share, an increase of 23 per cent
Mark Tucker, AIA’s Group Chief Executive and President, said:
"AIA has delivered an excellent set of results in 2016. We have achieved record new business profits, significant earnings growth, strong free surplus generation and a step up in shareholder dividends. Today’s headline figures, with VONB up by 28 per cent, and our consistent track record of year-on-year profitable growth are the direct result of the strong fundamental growth drivers in the Asia-Pacific region, our highly-diversified and resilient business model and our commitment to building a high-quality, sustainable business for the long term.
"The Board has recommended a further step up of 25 per cent in the 2016 final dividend from our higher base in 2015 to 63.75 Hong Kong cents per share. This dividend uplift reflects our excellent financial performance and our confidence in the future outlook for the Group.
"AIA has been in Asia for close to a century. The powerful structural economic, social and demographic changes taking place across the region present an unparalleled opportunity for the Asian life insurance industry and one which AIA, with our distribution reach, trusted brand, financial strength and people capabilities, is in an advantaged position to capture.
"We have made an excellent start to 2017 with strong value of new business growth in the first two months of our financial year. We have clear strategic priorities in place and are committed to building on our strong competitive advantages by helping our customers meet their long-term financial needs through our products and services. This provides us with a strong foundation to deliver profitable growth and long-term value for our shareholders, as we help our customers live longer, healthier, better lives and plan for a brighter future."
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