AIA net profit sheds 41% to $1.6b in 2011

Updated: 2012-02-24 14:39

(Xinhua)

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HONG KONG -- Hong Kong-based AIA, one of the world's top 10 insurers, said Friday that its net profit attributable to shareholders tumbled by 41 percent year-on-year to $1.6 billion in the fiscal year ending on Nov 30, 2011, owing to major falls of equity markets in the second half last year.

In the statement filed to the Hong Kong stock exchange before the trading hours, AIA said its net-profit definition accounts for the mark-to-market movements from equity investments within net profit, while equity markets declined significantly during 2011 compared with the large gains recorded previously in 2010, with major falls occurring during the second half of 2011.

AIA's operating profit after tax rose 13 percent from a year earlier to $1.9 billion. Its operating earnings per share also went up 13 per cent to 16 US cents, it said.

It recommends a final dividend of 22 Hong Kong cents (2.8 US cents) per share, which brings the total dividend in respect of the 2011 financial year to 33 Hong Kong cents per share.