By P.R. Venkat


AIA Group's value of new business rose marginally in the third quarter as sales momentum picked up pace in as Covid-19 restrictions eased in mainland China.

New-business value came in at $741 million, up 1.0% year based on actual exchange rate basis, while its new-business margin fell 0.4 percentage points to 58.1%, AIA said Tuesday.

On constant exchange rates, the value of new business was up 7.0% and margin was down 0.3 percentage points.

"The Group's financial position remains very strong despite capital market volatility and we continue to return excess capital to shareholders through our ongoing share buyback program," AIA Group Chief Executive Lee Yuan Siong said.

Mainland China remained the largest contributor to the value of new business. The company said that its business grew in Thailand during the third quarter and also saw continued strong momentum in Singapore and Malaysia.

However, AIA's businesses in Australia and South Korea continued to see lower value of new business.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

10-31-22 1846ET