Friday, November 17, 2017

AIA results boosted by HK and China

AIA’s business in Asia registered an impressive profit performance during the first six months of the year, thanks to continued growth in Hong Kong and China.

In an exchange filing on Friday, AIA said net profit increased 42% year on year to US$2.925 billion during the six months ended May 31, compared with US$2.065 billion in the same period a year earlier.

The results were achieved under the leadership of new chief executive Ng Keng Hooi. It was the first time AIA has reported financial results since Hooi became the company’s new CEO in June.

In Hong Kong, the insurer’s biggest market, the value of new business (VNB) was up 54% on-year despite a regulatory crackdown on the use of China UnionPay credit cards.

AIA’s fastest-growing market is China with the VNB reaching 65% in the first half. It also reported that its Malaysian business delivered double-digit VNB growth.

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