By P.R. Venkat
AIA Group's value of new business rose 18% in 2021 as the insurer saw broad-based growth in all of its operations.
New-business value rose to $3.37 billion from $2.77 billion in 2020, while new-business margin was up 6.3 percentage points at 59.3%, AIA said Friday.
The company said that the board has also approved a plan to return capital to its shareholders due to a strong financial position and free surplus cash.
AIA plans up to US$10 billion in share buybacks over a period of three years. The insurer's accumulated surplus cash stood at $24.8 billion as of end 2021.
"Although the unpredictable nature of the Covid-19 pandemic and increasing global geopolitical tensions have created near-term uncertainty, the major demographic trends and strong domestic drivers of demand in Asia underpin the powerful long-term prospects for AIA's business," AIA said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
03-10-22 1744ET