HONG KONG, Feb 21(Reuters) - AIA Group reported a 25 percent rise in its value of new business in 2013, as weaknesses in the region’s equity markets and currencies tempered reported earnings for Asia’s No. 3 insurer by market capitalisation.
The company’s value of new business, which measures the expected profits from new premiums, rose to $1.49 billion in the year ended Nov. 30, up from last year’s record $1.19 billion.
New business margin climbed from 43.6 to 44.1 percent, the company said in its annual results filing for the financial year 2013, posted to the Hong Kong Stock Exchange on Friday.
AIA’s net profit was down seven percent year on year to $2.82 billion, lower than the $2.91 billion average estimate of 18 analysts according to Thomson Reuters data.
Reporting By Lawrence White