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AIA Group's Q3 new business growth jumps 27 pct
October 13, 2016 / 10:46 PM / a year ago

AIA Group's Q3 new business growth jumps 27 pct

Oct 14 (Reuters) - AIA Group Ltd, the world’s third-largest life insurer by market value, posted a 27 percent increase in new business in the third quarter helped by strong sales in its main markets of China and Hong Kong, the company said in a statement.

China and Hong Kong together account for about half of new business growth globally at AIA, originally founded in Shanghai nearly 100 years ago and the first foreign insurer to be granted a license in China.

AIA’s value of new business, which measures expected profits from new premiums and is a key gauge for future growth, rose to $689 million in the quarter, up from $552 million a year ago, the company’s statement to the stock exchange said.

Reporting by Justin George Varghese and Sumeet Chatterjee; editing by Grant McCool

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