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