October 19, 2017 / 11:50 PM / in 8 months

AIA Group's new business climbs 20 pct

Oct 20 (Reuters) - AIA Group Ltd, the world’s third-largest life insurer by market value, clocked a 20 percent increase in new business in the third quarter aided by strong sales in its main markets of China and Hong Kong.

China and Hong Kong together account for about half of new business growth globally at AIA, originally founded in Shanghai nearly 100 years ago and the first foreign insurer to be granted a licence in China.

AIA’s value of new business, which measures expected profits from new premiums and is a key gauge for future growth, rose to $824 million in the quarter, up from $689 million a year ago, the company said in a statement to the Hong Kong stock exchange. (Reporting by Shashwat Pradhan in Bengaluru; Editing by Stephen Coates)

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