AIA new business value soars 27%, adds US$2bil to buybacks

NEW YORK: AIA Group Ltd posted a 27% actual exchange rate jump in new business value in the first quarter, led by growth in Hong Kong and mainland China, while announcing an additional share buyback.

The measure of future profitability of new policies sold surged to US$1.3bil, from US$1.05bil a year earlier, the Asia insurer said in a statement yesterday. Annualised new premiums jumped 23% to US$2.4bil.