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3 years ago
AIA Group says new business grew 22 pct in 1st quarter
April 10, 2014 / 10:27 PM / 3 years ago

AIA Group says new business grew 22 pct in 1st quarter

HONG KONG, April 11 (Reuters) - AIA Group Ltd reported a 22 percent rise in value of new business in the first quarter of 2014, higher than expected as China, Hong Kong and Singapore delivered strong growth.

The company's value of new business, which measures the expected profits from new premiums, rose to $354 million in the first quarter, above the average 18 percent growth expected by analysts polled by Thomson Reuters.

The new business margin rose to 43.8 percent, the company said in a filing to the Hong Kong Stock Exchange on Friday.

AIA, Asia's third biggest insurer by market value, reported another year of record annual value of new business of $1.49 billion when it announced its results for the 2013 financial year on Feb. 21. (Reporting By Lawrence White; Editing by Miral Fahmy and Andre Grenon)

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