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AIA China sees 58% jump in new-business value
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AIA China’s new-business value jumped 58 percent in the first half from last year, more than doubling the pace of the group?s overall growth, according to a filing to the Hong Kong stock exchange today.
New-business value, a key measure of an insurer's profitability, reached US$120 million on China’s mainland. That compared with a record US$792 million for AIA Group, which operates in 17 Asian markets, as new-business value rose 23 percent year-on-year.
AIA is the only wholly foreign-owned insurer on the mainland, where foreign insurers are tightly regulated, marketwatch.com reported.
The insurer has increased its network of sales agents by 46 percent from a year earlier on the mainland, and attributed its quick growth to new products aimed at young families and new marketing campaigns, the business news website said.
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