Strong performance in Australia led to a 17% improvement in new business value in AIA’s other markets in the first half of the year compared to 2018, AIA says.

The insurer recorded a 20% increase in the value of the new business in the first half compared to the previous corresponding period. Its annualised new premiums increased by 9%, helping it record a 12% increase in profit after tax of $US2.90 billion ($4.31 billion).

In its other markets, the value of new business in China increased by 34% to $US702 million ($1.04 billion), and in Hong Kong by 19% to $US945 million ($1.4 billion).

“While we are not immune to market volatility, our diversified, robust and high-quality business model continues to place AIA in an advantaged position in the Asian life insurance markets where growth fundamentals remain resilient,” AIA Group Chief Executive NG Keng Hooi said.