Insurer AIA beats first half profit estimate, boosts dividend

AIA Group, Hong Kong’s largest insurer and Asia’s third-largest insurer by market value, reported on Thursday a less-than-expected drop in net profit as strong growth in new business in Hong Kong and China helped offset losses due to capital market volatility, while the company hiked its dividend by 17%. According to the South China Morning Post, the company said in a filing to Hong Kong stock exchange that its net profit fell 6% year on year to US$2.065 billion in the six months ended May 31 on an actual exchange rate basis. On a constant exchange rate basis, net profit dropped 2% from the same period a year earlier. The figures are well above the range of market expectations of US$1.49 billion to US$1.88 billion.