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April 19, 2012, 10:09 p.m. EDT

AIA's new business value up 27% for quarter

By Chester Yung

HONG KONG -(MarketWatch)- Asian insurance giant AIA Group Ltd. said Friday its value of new business for the first quarter of its fiscal year rose 27% from a year earlier, partly driven by strong growth in China.

AIA said its value of new business in the three months ended Feb. 29 rose to US$232 million from US$182 million.

In the first quarter of its fiscal year, annualised new premiums rose 6% to US$543 million from US$512 million, AIA said in the statement.

AIA said the company continues to focus on growth in Asia, given increased global volatility amid concerns over Europe's sovereign debt problems.

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