AIA's Q3 new business value up 23% as HK, China growth strong

[Hong Kong] AIA Group Ltd, Asia's second-largest insurer, posted a 23 per cent rise in the value of its new business in the third quarter as growth remained strong in its core markets of China and Hong Kong.

In a filing on Friday, the company said the value of new business, a key metric for insurers that measures profits expected from new policies, rose to a third-quarter record of US$468 million from US$379 million in the period a year ago.

Chief Executive Mark Tucker has defined the metric as the key measure of AIA's performance since it listed in Hong Kong in 2010 after separating from American International Group in 2009.

AIA in July this year reported value of new business for the first half of the year of a record US$792 million on strong growth in Hong Kong and China.

AIA's shares have risen 8.64 per cent in the year to date, against a 1.4 per cent drop in Hong Kong's Hang Seng Index. REUTERS