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Annual Report 2016

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Annual Report 2016 AIA GROUP LIMITED 友邦保險控股有限公司 MAKING A REAL DIFFERENCE. LONGER, HEALTHIER, BETTER LIVES. ANNUAL REPORT 2016 STOCK CODE : 1299 VISION & PURPOSE OUR VISION is to be the world’s pre-eminent life insurance provider. That is our service to our customers and our shareholders. OUR PURPOSE is to play a leadership role in driving economic and social development across the region. That is our service to societies and their people. ABOUT AIA AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar. The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$185 billion as of 30 November 2016. AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 million individual policies and over 16 million participating members of group insurance schemes. AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”). Notes: (1) Explanations of certain terms and abbreviations used in this report are set forth in the Glossary. (2) Unless otherwise specified, 2015 and 2016 refer to the financial year of the Group, which ends on 30 November of the year indicated. KEY MILESTONES 1919 1919 1948 AIA put down its INTASCO changed its name corporate roots in Asia to American International when the group founder Assurance Company, Limited. Mr. Cornelius Vander Starr established an insurance We entered Malaysia. agency in Shanghai. 1957 1921 We registered in Brunei. Mr. Cornelius Vander Starr founded Asia Life Insurance 1972 Company, his first We formed a subsidiary life insurance enterprise in Australia. in Shanghai. 1981 1931 Our New Zealand operations Mr. Cornelius Vander Starr began as a branch founded International of American Life Insurance Assurance Company, Limited Company (ALICO). (INTASCO), in Shanghai. 1982 INTASCO established branch We entered Macau. offices in Hong Kong and Singapore. 1984 We entered Indonesia. 1938 INTASCO entered Siam, 1987 later renamed Thailand. Korean operations began. 1947 1990 The Philippine American Our operations in Taiwan Life and General Insurance were established Company (Philam Life) was as a branch of ALICO. founded in the Philippines. INTASCO moved its head office to Hong Kong. 2010 2015 2016 1992 2010 2014 2015 We re-established our AIA Group Limited AIA and Citibank AIA became the #1 MDRT presence in China through successfully listed on formed a landmark, company in the world. a branch office in Shanghai, the Main Board of long-term and exclusive the first foreign-owned The Stock Exchange of bancassurance partnership We opened a representative life business to receive Hong Kong Limited, the that encompasses office in Cambodia. a licence in the country. third-largest IPO ever 11 markets in the globally at the time. Asia-Pacific region. 1998 We celebrated the return 2011 AIA became the Official to our former headquarters AIA Group Limited Shirt Partner of Tottenham building on The Bund became a constituent stock Hotspur Football Club in Shanghai. of the Hang Seng Index. to promote the role of sports as a key element 2000 We launched a sponsored of healthy living. We formed a subsidiary Level 1 American Depositary in Vietnam. Receipt programme. 2001 2016 A joint venture in India 2013 was established. AIA completed the full AIA LEADERSHIP CENTRE integration of the businesses The AIA Leadership Centre opened in 2009 of AIA and ING Malaysia. Bangkok. The first-of-its-kind training centre ALICO Taiwan became will strengthen and develop AIA’s senior our branch office. We commenced business talent pool. in Sri Lanka through the Philam Life became our acquisition of Aviva NDB operating subsidiary. Insurance. AIA TOPS MDRT AGAIN AIA became the only company in the world We completed the We opened a representative to have the largest number of Million Dollar reorganisation driven office in Myanmar. Round Table (MDRT) members for two by AIG’s liquidity crisis consecutive years. in 2008, leading to the positioning of the Company for a public listing. GROWING PRESENCE IN INDIA We increased AIA Group’s stake in Tata AIA Life Insurance Company Limited, a joint venture in India, from 26 per cent to 49 per cent. (1) AIA AT-A-GLANCE WE HAVE A DIVERSIFIED BUSINESS ACROSS THE ASIA-PACIFIC THE REGION. OUR LONG EXPERIENCE IN THE REGION ALLOWS US TO TAILOR OUR STRATEGIES TO THE CULTURE, DEMOGRAPHICS AND INSURANCE LARGEST LISTED COMPANY NEEDS OF EACH MARKET IN WHICH WE OPERATE. ON THE HONG KONG STOCK EXCHANGE WHICH IS INCORPORATED AND DRIVING ECONOMIC AND SOCIAL HEADQUARTERED IN HONG KONG DEVELOPMENT ACROSS ASIA THE SINCE 1919 SECOND LARGEST LIFE INSURER IN THE WORLD THE ONLY INTERNATIONAL LIFE INSURER HEADQUARTERED AND LISTED IN HONG KONG AND 100% FOCUSED ON ASIA-PACIFIC #1 WORLDWIDE FOR MDRT MEMBERS; THE ONLY COMPANY TO TOP THE TABLE FOR TWO CONSECUTIVE YEARS SERVING THE HOLDERS OF MORE THAN 30 MILLION INDIVIDUAL POLICIES AND OVER 16 MILLION PARTICIPATING MEMBERS OF GROUP INSURANCE SCHEMES PROVIDES PROTECTION TO PEOPLE ACROSS THE REGION WITH TOTAL SUM ASSURED OF PRESENCE IN OVER US$1 TRILLION 18 MARKETS MADE 13 MILLION BENEFIT PAYMENTS DURING 2016, HELPING CUSTOMERS AND THEIR FAMILIES HONG KONG CHINA SRI LANKA TO COPE WITH CHALLENGES AT DIFFERENT LIFE STAGES MACAU KOREA TAIWAN THAILAND AUSTRALIA VIETNAM SINGAPORE INDONESIA INDIA BRUNEI NEW ZEALAND MYANMAR MALAYSIA THE PHILIPPINES CAMBODIA Note: (1) All the figures on this page are as of 30 November 2016. ANNUAL REPORT 2016 | 001 OVERVIEW 2016 RESULTS AT-A-GLANCE* VALUE OF NEW BUSINESS ANNUALISED NEW PREMIUMS OPERATING PROFIT AFTER TAX (VONB)(1) (ANP)(2) (OPAT)(3)(6) US$ US$ US$ millions millions millions 2,750 3,981 2,800 5,500 5,123 4,000 5,000 3,556 2,400 3,500 3,248 2,198 4,500 3,991 3,000 2,839 2,000 1,845 4,000 3,700 3,341 3,500 2,500 2,441 1,490 1,600 3,000 2,696 1,188 2,000 1,200 2,500 2,000 1,500 800 1,500 1,000 1,000 400 500 500 0 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 +28% +25% +31% +28% +15% +12% YoY (CER) YoY (AER) YoY (CER) YoY (AER) YoY (CER) YoY (AER) TOTAL WEIGHTED PREMIUM INCOME EV EQUITY(5) TOTAL ASSETS(6) AND TOTAL LIABILITIES (TWPI)(4) US$ US$ US$ millions millions billions 45,000 43,650 24,000 22,133 200 185 39,042 39,818 19,876 40,000 169 170 20,000 19,211 34,871 17,808 35,000 160 149 150 31,657 136 136 138 16,000 15,360 30,000 123 120 25,000 108 12,000 20,000 80 8,000 15,000 10,000 40 4,000 5,000 0 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 +14% +11% +11% +10% +9% +8% YoY (CER) YoY (AER) YoY (CER) YoY (AER) TOTAL ASSETS TOTAL LIABILITIES Note: * Percentages shown indicate changes in 2016 compared with 2015. 002 | AIA GROUP LIMITED FINANCIAL HIGHLIGHTS 2016 BREAKDOWN BY MARKET SEGMENT OVERVIEW VALUE OF NEW BUSINESS ANNUALISED NEW PREMIUMS OPERATING PROFIT AFTER TAX (VONB)(1)(7) (ANP)(2) (OPAT)(3) 11% 19% 17% 7% 34% REVIEW AND OPERATING FINANCIAL 7% 11% 40% 7% 45% 8% 11% 13% 9% 12% 18% 12% 19% CORPORATE GOVERNANCE CORPORATE TOTAL WEIGHTED PREMIUM INCOME HONG KONG (TWPI)(4) CHINA THAILAND SINGAPORE MALAYSIA OTHER MARKETS(8) 25% 31% 8% 11% 10% FINANCIAL STATEMENTS 15% Notes: (1) Value of new business (VONB) is the present value, measured at the point (5) Embedded value (EV) is an actuarially determined estimate of the of sale, of projected after-tax statutory profits emerging in the future from economic value of a life insurance business based on a particular set of new business sold in the period less the cost of holding the required assumptions as to future experience, excluding any economic value capital in excess of regulatory reserves to support this business. attributable to future new business. EV Equity is the total of embedded value, goodwill and other intangible assets. (2) Annualised new premiums (ANP) is a measure of new business activity that is calculated as the sum of 100 per cent of annualised first year (6) OPAT and total assets from 2012 to 2015 have been adjusted to reflect the premiums and 10 per cent of single premiums, before reinsurance ceded. revised definition of operating profit and accounting policies change for real estate, as highlighted in notes 47 and 48 to the financial statements. (3) Operating profit after tax (OPAT) is shown after non-controlling interests.
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