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AIA Group's first-quarter new business jumps 20 percent

Reuters

May 4 (Reuters) - Insurer AIA Group Ltd on Friday reported a 20 percent rise in its new business in the fiscal first quarter, as demand for insurance products remained strong in its key markets of China and Hong Kong.

The insurer's value of new business, which measures expected profits from new premiums and is a key gauge for growth, rose to $1.02 billion during the quarter from $811 million a year earlier, a company statement said.

China and Hong Kong together account for about half of new business growth globally at AIA, which was founded in Shanghai nearly 100 years ago and was the first foreign insurer to be granted a license in China. (Reporting by Sumeet Chatterjee in Hong Kong and Chris Thomas in Bengaluru Editing by James Dalgleish)