Insurer AIA first-half new business jumps on Hong Kong, China demand
(Adds background on Hong Kong market, details)
HONG KONG, Aug 23 (Reuters) - Asia-focussed insurer AIA
Group Ltd on Friday posted a 20% rise in new business
for the first half of the year, as it sold more insurance
products in its main markets of Hong Kong and China.
AIA's new business value, which measures expected profits
from new premiums and is a key gauge for future growth, surged
to $2.28 billion in the half-year period ended June from $1.95
billion a year earlier, the company said.
The company reported a 19% rise in new business from Hong
Kong and a 34% rise in China.
The gains in Hong Kong market come at a time when the local
insurance industry, which gets a large part of its revenue from
visiting mainland Chinese, has been clouded by political unrest
in the Asian financial hub.
China and Hong Kong together account for about half of new
business growth globally at AIA, which was founded in Shanghai
nearly 100 years ago and was the first foreign insurer to be
granted a license in China.
AIA said its operating profit after tax rose 12% to $2.90
billion in the first half.
(Reporting by Nikhil Kurian Nainan and Sumeet Chatterjee;
Editing by Anil D'Silva)
First Published: 2019-08-23 00:13:01
Updated 2019-08-23 00:56:16
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