AIA profits up 89 percent

Hong-Kong based insurance giant AIA said Wednesday its net profit rocketed almost 90 percent in 2012.

In a statement to the Hong Kong stock exchange the company said net profit for the year ended November 30 jumped to $3.02 billion from $1.60 billion last year.

New business, a key performance measure for profitability, grew by 27 percent.

"AIA's ability to achieve growth of this magnitude against the challenging global macro-economic background ... demonstrates the resilience of our strategy and the quality of AIA's franchise and business model," the company said.

"Our exclusive focus on the region means that we have the ability to better understand the needs of our customers on the ground and are able to take full advantage of the opportunities presented by the fast-growing markets in which we operate.

"We have built the momentum: there is a lot more to come."

AIA was formerly owned by US insurer American International Group (AIG), which was bailed out by the US government during the financial crisis and sold its remaining AIA shares last December.

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