AIA Value Of New Business Up 53% On Year In 3Q

Asian insurance company AIA Group Ltd. (1299.HK) reported Friday its highest-ever quarterly new-business value, driven particularly by strong premium income growth in Malaysia and China.

AIA, which is 32.89%-owned by American International Group Inc. (AIG), said its value of new business totaled $245 million in its third quarter ended Aug. 31, up 53% from the same period a year earlier. The group's value of new business margin increased 4.5 percentage points to 36%, and annualized new premium sales were up 52% at $766 million, AIA said.

"We remain confident that the region's dynamic economic growth and vast demand for savings and protection products will continue to provide the group with significant profitable growth opportunities for many years to come," AIA Chief Executive Mark Tucker said in a statement.

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

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