Despite a dip in the headline VNB figure, the underlying figures for the firm, which operates in areas including wealth management, were positive last year, it said.

Aviva Asia, part of UK-listed financial services group Aviva, last week reported a slight dip in value of new business for the year ending 31 December 2016, but a rise when the effect of a bancassurance deal with Singapore’s DBS Bank is stripped out.

The firm, which operates in seven Asian countries, logged VNB of £148 million ($200 million), from £151 million in 2015. On a like-for-like basis, excluding contribution of the bancassurance agreement with DBS Bank to new business in the 2015 financial year, VNB in Singapore rose 23 per cent in 2016, far exceeding the market average of 6 per cent, Aviva Asia said in a statement. (The agreement was terminated at the end of 2015.)

Operating profit from life and general insurance and health businesses was £228 million, against £238 million a year earlier.

The company said it continued to strengthen distribution platforms in Asia, particularly through Aviva Financial Advisers in Singapore, which was launched in August 2016, and the agency and broker channels in China.

Aviva Financial Advisers has around 420 advisors who are licensed to provide a full range of life, health, general insurance and investment products. The firm operates in Singapore, China, Indonesia, Hong Kong, Vietnam, Taiwan and India.

Aviva is also parent of Friends Provident International, following Aviva’s acquisition of Friends Life Group in April 2015. FPI provides life assurance and investment products in Singapore, Hong Kong and the United Arab Emirates.