AIA 2023 New Business Value Surges, Meets Analyst Estimates [BNN Bloomberg (Canada)]
AIA GROUP LTD S/ADR (AAGIY)
NASDAQ:AMEX Investor Relations:
aia.com/en/investor-relations.html
Company Research
Source: BNN Bloomberg
The measure of future profitability of new policies sold rose to $4.03 billion, from $3.09 billion a year earlier, the Hong Kong-based life insurer said in a statement Thursday. That is roughly in line with the $4.02 billion average estimate of 13 analysts compiled by Bloomberg. That marked a drastic departure from the single-digit decline in 2022, when the pandemic disrupted sales in its largest markets, including mainland China and Hong Kong. AIA Group fell 1.9% as of 10 a.m. in Hong Kong. Excluding the effect of fluctuating Asian currencies, new business value surged 33% in the 12 months Annualized new premiums jumped 41% on an actual exchange rate basis Hong Kong led the growth with an 82% surge on an actual exchange rate basis. Mainland visitors have returned after the lifting of pandemic-era travel restrictions. Sales to local residents also remained robust The growth momentum in sales to mainland Chinese visitors to Hong Kong continued into the first two months of
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