Asian insurance company AIA Group Ltd. (1299.HK) said Friday its net profit for the last fiscal-year fell 48.4%, weighed mainly by a fall in revenue and rise in expenses.
The pan-Asian insurer said its net profit for the fiscal year ended-December fell to US$3.16 billion from US$6.12 billion a year earlier. It has changed its fiscal year end to December from November previously.
The company was expected to post a net profit of US$4.49 billion, according to S&P Global Market Intelligence.
The firm’s total revenue fell to US$36.30 billion from US$38.33 billion a year earlier. Its total expenses rose to US$32.13 billion from US$31.02 billion a year ago.
The insurer’s new-business value–a key measure of profitability–rose 22% to US$3.96 billion from a year ago. Annualized new premium sales rose 15% to US$6.51 billion from the previous year.
The company proposed a final dividend of 84 Hong Kong cents (11 US cents) per share, up 14% from a year earlier.
source: uk insurance