A strong contribution by Friends Provident International boosted results for Aviva in Asia.

Friends Provident International played a big part in driving up operating profits for Aviva Asia in the first half of the year, the latter firm said yesterday as it disclosed its financial results for the period ending 30 June. Aviva Asia is part of Aviva, the UK-listed financial conglomerate.

Operating profit from life and general insurance and health businesses of £112 million (around $160 million) rose by 45 per cent on a year ago, mainly as a result of a full six month contribution from FPI. 

FPI became part of the Aviva group following the acquisition of Friends Life in April last year.

Aviva said the value of new business (VNB) – a measure of revenue in the insurance space - was £61 million versus £76 million in the same period last year. 

In Singapore, a significant increase in sales of protection products through the independent financial advisor network partly offset the discontinuation of the DBS bancassurance agreement, Aviva said.

In China, VNB held steady at £22 million because of growth in agency distribution of protection products offsetting the adverse impact of lower interest rates.

As previously reported, Aviva Singapore has launched Aviva Financial Advisers, a financial advisory firm with about 280 financial advisors who are licensed to provide a range of life, health, general insurance and investment products.

This publication recently interviewed the newly-installed manging director of FPI; see the article here.