AIA's 2023 Value of New Business Grew on China Demand
By P.R. Venkat
AIA Group's value of new business rose in 2023 as it benefited from the lifting of pandemic restrictions in mainland China, which saw robust demand for its insurance products.
The insurer's new-business value grew 33%, to $4.03 billion, while its new-business margin fell 4.5 percentage points, to 53%, the company said Thursday.
"We saw excellent new business momentum once the disruptive effects of the pandemic subsided," AIA said, adding that mainland China continues to offer tremendous life and health insurance opportunities.
AIA said that its financial position remained strong with a net free surplus of $16.33 billion after accounting for $5.93 billion to shareholder dividends and stock buyback.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
March 13, 2024 19:04 ET (23:04 GMT)
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