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AIA Group Full Year Net Income Drops 41%

Asian insurance company AIA Group Ltd. reported that its full year net income declined 41% to $1.6 billion from $2.7 billion a year earlier.

IFRS operating profit after tax rose 13% to $1.92 billion or 16 cents per share from $1.7 billion or 14 cents per share in the prior year.

AIA, which is owned by American International Group Inc. (AIG: Quote), said its new-business value rose 40% to $932 million from prior year's $667 million.

During the period, the insurer's value-of-new-business margin increased 4.6 percentage points to 37.2%, and annualized-new-premium sales were up 22% at $2.47 billion.

The company plans to pay a final dividend of 22 Hong Kong cents a share, making the full year total dividend payout 33 Hong Kong cents per share.

by RTT Staff Writer

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