April 10, 2014 / 10:27 PM / 4 years ago

AIA Group says new business grew 22 percent in the first quarter

HONG KONG (Reuters) - AIA Group Ltd (1299.HK) 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.

AIA Group Limited Group Chief Executive and President Mark Tucker attends the Asian Financial Forum (AFF) in Hong Kong January 13, 2014. REUTERS/Tyrone Siu

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 February 21.

Reporting By Lawrence White; Editing by Miral Fahmy and Andre Grenon

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