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