Asian life insurer AIA weathers China storm to note rising profit
ASIAN life insurer AIA yesterday reported a robust rise in the profitability of new policies it sells to customers alongside a double- digit increase in the value of this new business.
Tottenham Hotspur-shirt sponsor AIA has shrugged off China’s slowdown.
Formerly part of US giant AIG, it hiked its new business margin to 55.8 per cent in the six months to May, compared with a 50.8 per cent margin for the same time last year. Overall, its value of new business grew by 21 per cent to $959m (£612m). AIA said its net income also rose to $2.2bn in the six-month period from $1.6bn a year ago.
Run by ex-Prudential chief Mark Tucker, AIA said: “Asian economies have proved resilient through recent economic cycles and the long-term economic outlook for emerging Asia ex-Japan remains positive, notwithstanding continuing turbulence in global capital markets. While Asia is not isolated from near-term economic factors outside the region such as… a more demanding global regulatory environment, the Asian markets… are well-positioned to withstand these challenges.”