AIA Chief Executive: Growth Momentum Continues In 1st Quarter

Asian insurance giant AIA Group Ltd.'s (1299.HK) growth momentum has continued in the current quarter ending Feb. 28, Chief Executive Mark Tucker said Friday.

The insurer reported earlier Friday a net profit of US$2.7 billion for the last fiscal year ended Nov. 30, up from US$1.75 billion a year earlier, driven by investment gains and new business growth.

The company will give more details on its first-quarter performance in coming weeks, Tucker said at a news conference.

Marc de Cure, AIA's chief financial officer, said on the sidelines of the conference the company has benefited from Asia's monetary conditions and foreign-exchange rates.

"Rising interest rates in the region and appreciation of Asian currencies are all positive to the group's earnings," he said.

The company, which is 33%-owned by American International Group Inc. (AIG), listed shares in Hong Kong in October.

-By Fiona Law, Dow Jones Newswires; 852-2802-7002; fiona.law@dowjones.com

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