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

AIA Group reported a 22 per cent rise in value of new business in the first quarter of 2014, higher than expected as China, Hong Kong and Singapore delivered strong growth. -- FILE PHOTO: BLOOMBERG
AIA Group reported a 22 per cent rise in value of new business in the first quarter of 2014, higher than expected as China, Hong Kong and Singapore delivered strong growth. -- FILE PHOTO: BLOOMBERG

HONG KONG (Reuters) - AIA Group reported a 22 per cent 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 US$354 million (S$442 million) in the first quarter, above the average 18 per cent growth expected by analysts polled by Thomson Reuters.

The new business margin rose to 43.8 per cent, 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 US$1.49 billion when it announced its results for the 2013 financial year on Feb. 21.