AIA Group has reported a 20% rise in new business to $US824 million ($1.06 billion) in the third quarter to August 31, underpinned by strong growth in China and the rest of Asia.

New business increased 32% to $US2.58 billion ($3.3 billion) in the nine months to August 31, compared with the corresponding period last year.

Annualised new premium grew 3% to $US1.37 billion ($1.75 billion) in the August quarter and 24% to $US4.56 billion ($5.84 billion) over the nine months.

“AIA’s wholly owned operation in China continued to be our fastest-growing business in the third quarter,” the Hong Kong-listed insurer says.

“This excellent performance was the direct result of the consistent execution of our strategy to recruit and develop full-time, professional agents that are better able to serve the rapidly growing financial needs of consumers in China.”

AIA’s “other markets” division, which includes Australia, also delivered strong growth, but the insurer has not provided figures.