By P.R. Venkat
AIA Group’s value of new business rose 15% in the first nine months of the year as the insurer saw broad-based growth in all its operations.
New-business value rose to $2.55 billion, and its new-business margin was up 5.1 percentage points to 58.9%, AIA said Friday.
Excluding Hong Kong, where sales to mainland Chinese visitors remained limited due to travel restrictions, AIA’s Chief Executive Lee Yuan Siong said that the value of new business surpassed the pre-pandemic levels.
“Rising incomes, low levels of private insurance penetration and limited social welfare coverage continue to drive structural demand for AIA’s insurance products across Asia,” the insurer said.
AIA said that while global economy has recovered strongly this year, the ongoing effects of the Covid-19 pandemic had slowed the pace of growth in the third quarter.
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