(Reuters) -Hong Kong-based insurer AIA Group said on Friday its value of new business (VONB) reached a record in the third quarter, boosted by growth in its flagship Hong Kong unit.
AIA’s VONB, which gauges expected profit from new premiums and is a key barometer for growth, rose 25% to $1.48 billion, on a constant exchange currency basis, for the three months ended September 30. That compares with $1.16 billion a year ago.
Hong Kong, one of AIA’s largest contributors in terms of profit, also logged an all-time high quarterly VONB.
“Our unrivalled distribution platform is a key competitive advantage and both our Premier Agency and partnership distribution channels generated very strong growth during the quarter,” said Lee Yuan Siong, AIA’s group CEO and president.
AIA said its proprietary Premier Agency model, the insurer’s elite in-house sales force, generated more than 70% of the group’s VONB, while recording 19% growth.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona and Shilpi Majumdar)
