Aviva Asia registers 24% rise in operating profit

Aviva Asia has announced its financial results for 2018, bannered by a 24% increase in operating profit to £133 million (SG$236.8 million). In a statement by the UK-based multinational insurer, it attributed the growth in operating profit to higher contribution from its key businesses across the region. Additionally, it credited strengthened distribution channels and continued growth in Asian markets, for a value of new business (VNB) increase of 15% to £191 million (SG$340 million). According to Aviva, its financial advisory (FA) channel remains the largest contributor to its growth in Singapore. The insurer said that it will continue investing in this channel, “led by the belief that the FA model provides enhanced flexibility and choice for both advisers and customers.” In China, its joint venture Aviva-COFCO ranked fourth among all life insurers in the China Banking and Insurance Regulatory Commission’s Solvency Aligned Risk Management Requirements and Assessment.