Asia-focussed insurer AIA Group Ltd on Thursday reported a 37% rise in its first-half new business value on a strong rebound in sales momentum across key markets of Mainland China and Hong Kong as pandemic-related restrictions were lifted.

The insurer's value of new business, which measures expected profits from new premiums and is a key gauge for future growth, rose to $2.03 billion in the six months ended June 30, compared with $1.54 billion a year earlier.

Mainland China, AIA's second largest market, recorded a 14% rise in value of new business (VONB) during the period to $601 million, helped by the lifting of pandemic-related restrictions at the start of the year.

AIA, which was founded in Shanghai more than a century ago, declared an interim dividend of 42.29 Hong Kong cents, compared to 40.28 Hong Kong cents a year ago.

VONB at Hong Kong, its biggest market, rose around 111% to $681 million, boosted by domestic customers as well as travellers from Mainland China.

(This story has been corrected to reflect that Mainland China is AIA's second-biggest market in paragraph 3 and to reflect Hong Kong is their biggest market in paragraph 5)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Maju Samuel)