Pan-Asian insurer AIA Group (1299) reported today that the value of new business grew in the first quarter to US$1.05 billion, up by 19 percent from the year before.
Annualized new premiums grew by 10 percent to US$1.703 billion for the quarter ended March 31, 2021.
Total weighted premium income was up by 6 percent to US$9.66 billion.
AIA said the wholly-owned mainland China business was the largest contributor to the group’s value of new business.
Value of new business margin was consistent with the previous year despite the deduction of 5 percent withholding tax since July 2020, AIA said.
Also, AIA Hong Kong achieved double-digit value of new business growth from local customers, while travel restrictions continue to limit sales from mainland Chinese visitors.