AIA China鈥檚 business value doubles
Print Edition
AIA China’s business value jumped 58 percent in the first half of its fiscal year from the same period a year earlier, more than double the group’s overall growth.
The new business value, a key measure of the insurers’ profitability, reached US$120 million on China’s mainland in the six months through May 31, according to a filing on the Hong Kong stock exchange yesterday.
That compared with a record US$792 million for AIA Group, the fourth-largest life insurer in the world, as the new business value rose 23 percent year on year. The mainland is now the second-largest market after Hong Kong for AIA, which operates in 17 Asian markets.
AIA Chief Executive Mark Tucker yesterday said he expected the mainland to become the largest market due to its low penetration and rapid urbanization.
AIA is the only wholly foreign-owned insurer on the mainland. The insurer has increased its network of sales agents by 46 percent on the mainland. Its quick growth is being credited to young families and marketing campaigns.
Shenyin & Wanguo Securities Co expects new business value growth to reach 12 percent for China Life and 35 percent for Ping An Insurance in the first half, a report said last week.
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