November 8, 2018 / 10:19 PM / a year ago

AIA Q3 new business value jumps 17 pct on sales in China, Hong Kong

Nov 9 (Reuters) - AIA Group Ltd, the world’s second-largest life insurer by market value, posted a 17 percent rise in new business value in its fiscal third quarter, as it boosted sales in its main markets of China and Hong Kong.

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 licence 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 $979 million in the quarter, up from $846 million a year ago, the company said in a statement to the Hong Kong stock exchange.

Reporting by Rushil Dutta in Bengaluru and Sumeet Chatterjee in Hong Kong

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