AIA Group Sees Strong Growth, Remains Confident Amid Market Swings
HONG KONG — AIA Group announced on Friday an 18% increase in the value of new business for 2024, fueled by robust performance in its home market of Hong Kong, and mainland China. Executives also expressed confidence in the company’s ability to weather the economic and geopolitical climate.
The value of new business, a key metric for future profits derived from new premiums, reached a record high of $4.71 billion on a constant currency basis, compared to $4.03 billion the previous year, as stated in the company’s report. The insurer also revealed a $1.6 billion share buyback plan.
The insurer stated that demand is robust as Chinese investors attempt to diversify their assets amid a slowing economy. AIA is focusing on its growth in the region, having seen increased demand. The company’s positive outlook reflects its position as a major player in the Asian insurance market.
This positive performance comes despite the ongoing volatility in global markets and economic uncertainty. AIA Group’s success is due to its strong presence in key Asian markets and its ability to adapt to changing economic conditions.
