AIA Group, the third-largest Asia-based insurer by market capitalization, reported a 25-percent increase in its value of new business in 2013, the company said on Friday in its annual results filing for 2013.
The insurer's value of new business, which measures expected future profits arising from new policies, rose to $1.49 billion in the year that ended on Nov 30, up from last year's record $1.19 billion. It is one of the key measures widely used in the industry.
The value of new business in China grew by 34 percent to $166 million last year and the value of new business margin rose by 8.9 percentage points to 66.4 percent, higher than the group's 44.1 percent.
"This is mainly driven by product-mix improvements, lower expenses and a positive tax effect," said Mark Tucker, CEO and president of AIA Group.
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