AIA Posts Strong 1st Half Performance on Lifting of Covid-19 Curbs
By P.R. Venkat
AIA Group's value of new business in the first half rose 37% on the year as the lifting of COVID-19 restrictions in mainland China saw strong growth in the insurance business.
AIA said Thursday that new-business value came in at $2.03 billion, while its new-business margin fell 4.5 percentage points, to 51%.
"The rapid reopening of Asian markets following the pandemic has been met with an increased demand for personalized life and health insurance, value-added services and high-quality advice," AIA Group Chief Executive Lee Yuan Siong said.
AIA said its financial position remained strong, with a free surplus at the end of June being $16.26 billion.
"The outlook for the external global macroeconomic environment is uncertain in the near term, but the long-term potential for our business remains immense," the insurer said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
August 23, 2023 18:52 ET (22:52 GMT)
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