AIA Group posts 25% quarterly growth of new business

October 17 2016 by InsuranceAsia News Staff

Total new business value for AIA Group, jumped by 25% in the third quarter, a figure higher than what was projected.

In a statement to the Hong Kong stock exchange, the insurer said its measure of the projected future probability of new policies increased to US$689 million from US$552 million last year in the three months ending August 31.

It surpassed the median estimate of six analysts of 21% growth. AIA chief executive Mark Tucker has used new business value as the key gauge of management performance.

According to a Bloomberg report, analysts including Goldman Sach’s Mancy Sun and BNP Paribas’ Dominic Chan have expected AIA to benefit from a rush of mainland Chinese visitors buying insurance in Hong Kong, undeterred by government curbs introduced to stem capital outflows.

AIA, which collects premium income mostly in local currencies and reports financial figures in US dollars, has also benefited from stabilizing Asian currencies and rebounding stock markets.

 

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