Business operating profit fell 4% to $4.1bn from $4.2bn in the previous year while net income attributable to shareholders rose 3% to $3.9 billion, from $3.7bn.
Total gross written premiums and policy fees from external customers rose to $35.6bn from $34.5bn with Europe the largest segment with a drop to $16.3bn, from $17.2bn. North America posted a small increase to $13.2bn, from $12.4bn.
Latin America was one of the fastest growing regions with premiums up to $2.7bn from $1.7bn helped by strong gains in Mexico $600m ($291m) and Brazil 920m ($571m). Asia-Pacific rose to $2.7bn from $2.4bn helped by gains in Australia at $1.2bn up from $1.1bn, Japan $780m from $736m and the rest of Asia-Pacific posted sharp gains to 420m from $288m.
Premiums and fees fell sharply across Africa to $585m from $669m with a steep decline in South Africa to $460m from $539m.
Global general insurance sales fell to $3.0bn from $3.2bn, two-thirds of that was contributed by Europe with $2.0bn, down from $2.1bn. Latin America, the second largest segment, rose to $561m from $534m.
Global life posted revenues of $13.5bn up from $11.5bn with Europe remaining the largest segement despite a fall to $8.7bn, from $9.3bn. Asia-Pacific had a strong year as revenues hit $912m, from $687m, fuelled by growth in Malaysia where revenues jumped to $263m, from $85m in the previous year.
On a regional business the group said the integration of acquired insurance businesses in Latin America and Malaysia was progressing well and was “contributing meaningfully to growth as evidenced in the strong contribution to profitability from these areas”. The group expanded with bank distribution agreements through alliances in the Middle East, Italy, Spain and Indonesia.
The group proposed to continue expanding in emerging markets while stabilising in developed countries and highlighted the strong underlying profitability of the company.
