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FILE PHOTO-AIA Group logo is pictured on a smartphone in front of an electronic display showing the same logo in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights
Aug 24 (Reuters) – Asia-focussed insurer AIA Group Ltd (1299.HK) on Thursday reported a 37% rise in its first-half new business value on a strong rebound in sales momentum across key markets of Mainland China and Hong Kong as pandemic-related restrictions were lifted.
The insurer’s value of new business, which measures expected profits from new premiums and is a key gauge for future growth, rose to $2.03 billion in the six months ended June 30, compared with $1.54 billion a year earlier.
Mainland China, AIA’s second largest market, recorded a 14% rise in value of new business (VONB) during the period to $601 million, helped by the lifting of pandemic-related restrictions at the start of the year.
AIA, which was founded in Shanghai more than a century ago, declared an interim dividend of 42.29 Hong Kong cents, compared to 40.28 Hong Kong cents a year ago.
VONB at Hong Kong, its biggest market, rose around 111% to $681 million, boosted by domestic customers as well as travellers from Mainland China.
Reporting by Rishav Chatterjee in Bengaluru; Editing by Maju Samuel
Our Standards: The Thomson Reuters Trust Principles.
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