Insurer AIA's 3Q Value of New Business Rose on Strong Demand
By P.R. Venkat
AIA Group's value of new business in the third quarter rose 35% on the year as the company's business continued to benefit from the lifting of Covid-19 restrictions in mainland China that saw strong growth in the insurance business.
AIA's new-business value came in at $994.0 million, while its new-business margin fell seven percentage points, to 51.2%, the company said Friday.
The insurer said that apart from mainland China, Hong Kong, Asean and India saw double-digit growth during the quarter.
"Rising incomes, low levels of private insurance penetration and limited social welfare coverage continue to drive demand for AIA's insurance products across our markets," the company said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
November 02, 2023 18:52 ET (22:52 GMT)
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