29 Feb 2012

AIA pushes for more life insurance uptake

7:12 am on 29 February 2012

One of the world's largest independent insurance companies, AIA, says its New Zealand business is on a drive to get more people to sign up for life insurance.

The largest listed pan-Asian life insurance group posted a net profit of $US1.9 billion dollars in 2011, a rise of 13% on the previous year.

AIA New Zealand jumped two places to fourth spot on the market in 2011.

Its share of new business rose nearly 2% to 8.4%.

AIA New Zealand chief executive Wayne Besant says New Zealand has one of the lowest uptakes in the OECD for life insurance.

Mr Besant says he plans to launch financial literacy programmes to help people understand the importance of life insurance.

He says his firm will also focus on signing up more customers to help offset the higher cost of insurance premiums.