AIA says first-quarter growth in new business was “particularly strong” in markets including Australia, South Korea, the Philippines and Vietnam.

The countries feature in the company’s “other markets” division, which AIA says posted excellent growth during the three months.

New business across the wider company increased 55% to $US884 million ($1.2 billion), with double-digit gains in most individual markets.

Total weighted premium income grew 24% to $US6.25 billion ($8.36 billion).

AIA says economic, social and demographic changes across Asia present an “unparalleled opportunity” for the life insurer, which has competitive advantages due to its long history in the region.

“The group is exceptionally well placed to help customers meet their substantial needs for financial protection, long-term savings and private healthcare provision through insurance,” CEO and President Mark Tucker said.

AIA says Ng Keng Hooi will take over the CEO and President roles ahead of schedule from June 1, with Mr Tucker remaining as a non-executive director until August 31.

Asian economic growth remains strong and structurally resilient, according to the company.

“Asian policymakers have significant monetary and fiscal flexibility to respond proactively over time to sustain domestic sources of growth.”