AIA warns on Asia competition

Asia's third-largest insurer AIA beat forecasts with a 54 per cent jump in 2010 net profit yesterday, but warned that a slowdown in regional equity markets could cloud the outlook for future earnings growth. Competition from rivals such as Prudential and Chinese players such as Ping An looking to expand in Asia's fast-growing insurance market weighed on AIA, with the company calling 2011 "demanding operationally". AIA's net profit was $1.6bn in the second half, up from the previously stated $788m last year.