By P.R. Venkat
AIA Group's value of new business rose 22% in the first half as the insurer saw broad-based growth in all its operations.
New-business value rose to $1.81 billion, and its new-business margin was up 4.2 percentage points to 59%, AIA said Tuesday.
AIA Group Chief Executive Lee Yuan Siong said that the value of new business in the first half exceeded pre-pandemic levels in all segment except that of Hong Kong, where travel curbs continue to affect sales to mainland Chinese visitors.
The insurer said that it has made rapid progress in its geographical expansion in mainland China with the launch of its new operation in Sichuan Province and the regulatory approval to prepare for a new branch in Hubei Province.
"Although the lasting effects of the pandemic are far from over, I am confident that our businesses are equipped with innovative technologies and digital tools that enable them to navigate disruption better than before," Mr. Lee said.
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(END) Dow Jones Newswires
August 16, 2021 18:41 ET (22:41 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.