AIA Malaysia 23% Growth

Malaysia's leading life insurer AIA Bhd  recorded its fourth consecutive year of double digit growth on the back of a 23% increase in value of new business (VONB) to RM815mil for the financial year ended Nov 30, 2016. 

AIA's Family Takaful business delivered a 47% increase in annualised new contributions, while its Partnership Distribution and Corporate Solutions recorded VONB growth of 18% and 12% respectively. 

At the insurer's financial briefing today, AIA chief executive officer Anusha Thavarajah said AIA remains optimistic about the life insurance industry's long term growth prospects. She said growth would be driven by the country's younger demographic, growing middle class population and large protection gap. Anusha said while 56% of Malaysians are insured, there still remains a significant section of the population which is either not insured or under-insured. 

"The phased implementation of Bank Negara'a LIFE Framework will guide the industry in its efforts to increase the life insurance and Takaful penetration rate to 75% of the population by 2020," she said.