Insurer AIA posts 37% rise in first-half new business value

STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Asia-focussed insurer AIA Group Ltd on Thursday reported a 37% rise in its first-half new business value on a strong rebound in sales momentum across key markets of Mainland China and Hong Kong as pandemic-related restrictions were lifted.

The insurer's value of new business, which measures expected profits from new premiums and is a key gauge for future growth, rose to $2.03 billion in the six months ended June 30, compared with $1.54 billion a year earlier. Mainland China, AIA's second largest market, recorded a 14% rise in value of new business during the period to $601 million, helped by the lifting of pandemic-related restrictions at the start of the year.

AIA, which was founded in Shanghai more than a century ago, declared an interim dividend of 42.29 Hong Kong cents, compared to 40.28 Hong Kong cents a year ago. VONB at Hong Kong, its biggest market, rose around 111% to $681 million, boosted by domestic customers as well as travellers from Mainland China.

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