Insurer AIA posts 37% rise in first-half new business value
ASIA-focused insurer AIA Group on Thursday (Aug 24) reported a 37 per cent 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 US$2.03 billion in the six months that ended Jun 30, compared with US$1.54 billion a year earlier.
Mainland China, AIA’s largest market, recorded a 14 per cent rise in value of new business (VONB) during the period to US$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 second-biggest market, rose around 111 per cent to US$681 million, boosted by domestic customers as well as travellers from Mainland China. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Brokers’ take: SAC Research initiates ‘buy’ on Soilbuild with S$0.04 target
Aramco to pay US$31 billion dividend as Saudi posts budget deficit
PetroVietnam announces new oil discoveries with initial reserves of 100.5 million barrels
UBS reports first profit since taking over Credit Suisse
Amazon’s AWS commits extra S$12 billion to boost Singapore cloud infrastructure
New Thai finance chief wants monetary, fiscal policies aligned