Thursday, May 24, 2018

AIA sees 20% hike in new business

With demand for insurance products still robust in key markets as China and Hong Kong, AIA announced a 20% rise in its value of new business (VONB) during the fiscal first quarter.

AIA’s VONB at the end of March this year increased to US$1.02 billion from US$811 million a year earlier.

Many foreign insurers, including AIA, have been gaining market share in China on the back of a regulatory crackdown against short-term investment products packaged as insurance that has affected many local rivals.

Over the past few years, foreign insurance companies have also boosted their foothold in smaller cities with a low insurance penetration.

While the present rules in China prevent foreign holdings in Chinese insurance joint ventures from exceeding 50%, AIA is exempt from such rules because the restrictions were introduced after AIA’s operations in the country were set up.

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