Asian insurance giant AIA Group Ltd. (1299.HK) said Friday its net profit for the 12 months ended Nov. 30, 2010 rose 54% to $2.7 billion, due to an uplift in new business growth.

The company's net profit is higher than the average $2.1 billion forecast by 10 analysts polled earlier by Thomson Reuters, and above the $1.4 billion-$2.3 billion the company forecast before its listing on the Hong Kong Stock Exchange last year.

The improvement in performance was due to strong growth in profitability, particularly in the fourth quarter, AIA Chief Executive Mark Tucker said in a statement.

The group said its net premiums rose 10% during the period, while new business value grew 22% to $667 million.

The company, which is 33% owned by American International Group Inc. (AIG), didn't propose a dividend for the period, but said it will consider paying a semiannual dividend commencing for the interim period ending May 31, "if conditions remain as at present."

AIG raised $20.5 billion from AIA's Hong Kong listing in October.

-By Fiona Law, Dow Jones Newswires; 852-2802-7002; fiona.law@dowjones.com
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