AIA Group has reported a 53% jump in new business to $US245 million ($237 million) for its third quarter ending August 31.

The strong quarter has boosted the insurer’s new business for the nine months ending August 31 to $US644 million ($623 million), up 39% on the corresponding period last year.

AIA Group CEO Mark Tucker says the strong performance in the third quarter was due to the focus on attracting sustained profitable business.

“AIA’s 53% growth in new business reflects the group’s early successes in launching new product initiatives aimed at meeting the life insurance protection and savings needs of the Asian consumer,” he said.

The insurer says all Asian countries reported strong growth during the third quarter, with Malaysia standing out due to continuing repricing and a push for life insurance sales.

China also reported continued growth in new business from sales of a comprehensive protection product.

The margin on new business was up 4.5% to 36% for the third quarter and up 3.1% to 36% for the nine months ending August 31.

The Australian Sunsuper account with annual premiums of about $160 million a year was excluded from the new business margin figures.

AIA started managing the account during the third quarter of this year after winning the business from Suncorp Life in late 2010.

Mr Tucker says the region’s dynamic economic growth and strong demand for savings and protection products will help AIA remain profitable in the future.

“The drivers of the future growth in Asian insurance markets remain firmly in place.”