Business

AIA delivers ‘excellent growth’ in first half of 2023

Published

3 years ago

2023/09/16

The Board of AIA Group Limited (the “Company”) announced the Group’s financial results for the six months ended June 30, 2023.Growth rates are shown on a constant exchange rate basis:

New business performance

Value of new business (VONB) grew by 37 per cent to US$2,029 million Annualised new premiums (ANP) increased by 49 per cent to US$3,984 million All reportable segments and all distribution channels delivered positive VONB growth

Earnings and capital

Embedded value (EV) operating profit of US$4,423 million, up 20 per cent per share Operating return on EV (ROEV) of 13.3 per cent, up from 9.4 per cent in full year 2022 Underlying free surplus generation (UFSG) of US$3,288 million, up 10 per cent per share Operating profit after tax (OPAT) of US$3,272 million, up 4 per cent per share EV Equity of US$70.6 billion after returning US$3.6 billion in dividend and share buy-back Free surplus of US$16.3 billion at 30 June 2023 Very strong Group LCSM coverage ratio of 260 per cent on the PCR basis(2) Interim dividend and share buy-back programme Interim dividend of 42.29 Hong Kong cents per share, up 5 per cent

US$2.0 billion returned to shareholders through the share buy-back programme in the first half of 2023 Lee Yuan Siong, AIA’s Group Chief Executive and President, said:

“AIA has delivered excellent new business results with VONB up 37 per cent to over US$2 billion for the first half of 2023. We also reported growth in our other key financial metrics, namely OPAT, EV operating profit, UFSG and EV Equity.

“We have seen our business return to strong and sustainable growth in the first half of 2023 and all of our reportable segments and all distribution channels delivered higher VONB. With the pandemic disruption behind us, the strength of AIA’s unrivalled distribution platform across Asia has powered a return to very strong new business momentum, including double-digit VONB growth from AIA China, our combined ASEAN business and Tata AIA Life, our joint venture in India. AIA Hong Kong more than doubled VONB compared to the first half of 2022, driven by substantial business from Mainland Chinese visitors (MCV).

“Our growing high-quality in-force portfolio and consistent financial discipline supported an increase in both OPAT and UFSG. We returned a total of US$3.6 billion to shareholders in the first half of 2023 through the dividend and our ongoing share buy-back programme, which has enhanced shareholder returns and significantly benefited OPAT and UFSG per share.

EV Equity of US$70.6 billion was up 6 per cent over the first half of 2023 before dividend and share buy-back. AIA’s capital position remained very strong with free surplus of US$16.3 billion and a Group LCSM coverage ratio(2) of 260 per cent at 30 June 2023.

“The Board has declared a 5 per cent increase in the interim dividend to 42.29 Hong Kong cents per share. This follows AIA’s established prudent, sustainable and progressive dividend policy, allowing for future growth opportunities and the financial flexibility of the Group.”

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Business

Sri Lanka secures IMF staff-level deal for USD 700 million tranche

Published

18 hours ago

2026/04/10

Thilina Walpola

Sri Lanka has reached a staff-level agreement with the International Monetary Fund to secure the next tranche of funding under its ongoing bailout programme, marking a key step in the country’s fragile economic recovery.

The agreement, announced this week, will enable Sri Lanka to access approximately USD 700 million, subject to approval by the IMF Executive Board. The funds form part of the USD 2.9 billion Extended Fund Facility (EFF) programme agreed following the 2022 economic crisis.

The latest development covers the combined fifth and sixth reviews of Sri Lanka’s reform programme, indicating that the country has made sufficient progress to move forward, while highlighting the need to sustain reform efforts.

Sri Lanka’s economy has shown signs of stabilisation in recent months, supported by improved revenue collection, easing inflation, and a gradual buildup of foreign reserves. However, the recovery remains vulnerable to both domestic and external pressures.

By Ifham Nizam

Business

Israeli attack on Lebanon triggers local stock market volatility

Published

19 hours ago

2026/04/10

Thilina Walpola

Initially CSE trading was somewhat volatile despite the ceasefire in West Asia but it experienced further volatility after Israel attacked Lebanon yesterday.

However, the IMF delegation which is now in Sri Lanka to release two tranches of its relief package created some positive sentiments for the market, analysts said.

The All Share Price Index went down by 73.06 points, while the S and P SL20 rose by 10.57 points.

Turnover stood at Rs 2.96 billion with six crossings. Those crossings were: JKH 5.5 million shares crossed to the tune of Rs 807.6 million and its shares traded at Rs 19.70, CIC Holdings two million shares crossed for Rs 54 million; its shares traded at Rs 32, Access Engineering 600,000 shares crossed for Rs 44.4 million; its shares traded at Rs 74, Central Finance 116,000 shares crossed to the tune of Rs 27.5 million ; its shares sold at Rs 237, LMF 250,000 shares crossed for Rs 22.8 million; its shares fetched Rs 91.10 and Kelani Cables 200,000 shares crossed for Rs 21 million and its shares traded at Rs 105.

In the retail market seven companies that mainly contributed to the turnover were; Dialog Rs237 million (7.5 million shares traded), LMF Rs 203 million (22 million shares traded), Colombo Dockyard Rs 199.7 million (1.1 million shares traded), HBA Foods Rs 163 million (18.5 million shares traded), JKH Rs 156 million (7.8 million shares traded), JKH Rs 156 million (7.8 million shares traded), Softlogic Holdings Rs 117 million (9.6 million shares traded) and Acme Printers Rs 107 million (15.6 million shares traded). During the day 133.3 million share volumes changed hands in 23666 transactions.

It is said that manufacturing sector counters, like JKH, performed well, while food sector counters, especially LMF and HBA Foods, performed well. Other sectors too performed somewhat well during the day.

Yesterday the rupee was quoted a Rs 315.42/48 to the US dollar in the spot market from 315.30/40 the previous day, dealers said, while bond yields were quoted higher.

By Hiran H. Senewiratne

Business

HNB Assurance marks 25 years with strategic transformation to ‘HNB Life’

Published

19 hours ago

2026/04/10

Thilina Walpola

Highlights from the new brand reveal as HNB Assurance transforms into HNB Life

Marking 25 years of trust, growth, and service excellence, HNB Assurance PLC has unveiled its new corporate identity, transitioning to HNB Life PLC a strategic evolution that reflects the company’s forward-looking vision and commitment to empowering lives with protection and the freedom to thrive, no matter where life takes them.

This milestone signifies more than a change in name or visual identity. It represents a deliberate transformation shaped by strong performance over the past few years, during which the company has achieved remarkable growth, strengthened its market position and enhanced its customer-centric capabilities.

The newly introduced logo, inspired by the form of a wing, symbolises HNB Life’s role as a proactive enabler. It reflects the organisation’s commitment to supporting individuals in navigating life’s journey with confidence, empowering them to pursue their aspirations and live life on their own terms.

The official unveiling took place at a launch event attended by key stakeholders, strategic business partners, well-wishers and employees.

Addressing the gathering, Chairman, Stuart Chapman highlighted the significance of this transformation, stating, “As we mark 25 years of progress, the transition to HNB Life reflects our strategic intent to evolve with the changing needs of our customers and the broader market. This new identity embodies our purpose, to enable and empower individuals to achieve what they truly aspire to in life, with confidence and security. As a company we are extremely excited on what the future holds for as, as we build on an incredible foundation laid over the past two and a half decades.”

The new Vision of the Company is “To be the leader in empowering lives with protection and freedom to thrive, no matter where life takes them”.