HONG KONG: AIA Group reported a 14 percent increase in its first-half value of new business on Thursday.
This growth was driven by strong demand for its insurance products in the key markets of China and Hong Kong.
The insurer said VONB, a key barometer that gauges expected profit from new premiums, was $2.84 billion on a constant exchange rate basis for the six months ended June 30.
This compares with $2.46 billion a year ago.
The Hong Kong market was the biggest contributor, posting a 24 percent increase in new business value to $1.06 billion.
Sales from both domestic customers and those visiting the territory from mainland China showed strong double-digit growth.
Mainland China, AIA’s second-largest market in terms of new sales, reported a 10 percent increase in VONB during the first half.
Besides mainland China and Hong Kong, AIA’s 18 markets in Asia include Thailand, Singapore, Malaysia, Indonesia, the Philippines and South Korea.
It also operates in Australia and New Zealand and has a joint venture in India.
The company declared an interim dividend of 49 Hong Kong cents per share.
This represents a 10 percent increase compared to a year ago. – Reuters
Nancie Wiers
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