AIA Group Ltd shares soared after strong sales to Hong Kong and mainland China visitors propelled profitability of new policies in the first quarter.

New business value expanded 13 percent year-on-year to $1.5 billion after factoring in exchange rate fluctuations, according to a statement on Wednesday.

Rival Prudential Plc reported new business profit of $608 million in the same period, as it transitioned to using a different reporting system.

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AIA’s Hong Kong shares climbed as much as 6 percent, while the Hang Seng Index slipped 0.3 percent. Prudential declined as much as 0.8 percent.

The two insurer giants continue to tap growth in the key Hong Kong market as mainland travelers seek to diversify their wealth offshore. Both firms are also seeking to diversify growth in Asia in countries such as India and Singapore.

AIA’s annualized new premium, a measure of sales, rose 7 percent to $2.6 billion. Prudential reported $1.7 billion in annual premium equivalent, a similar measure.

In Hong Kong, AIA saw 16 percent growth of value of new business, driven by both sales to locals and the mainland travelers. Prudential said higher sales volumes and margin expansion from product repricing actions helped sales to clients in the city.

In the mainland market, AIA’s value of new business declined 7 percent after factoring in an 80 basis point reduction in its long-term investment returns assumption in the onshore market, and the China government bond spot yields as of end 2024.

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Chinese clients continued to seek investments in offshore assets despite threats of turmoil in global markets. Last month, AIA announced a $1.6 billion share buyback plan, while Prudential said it aimed to finish a $2 billion stock purchase program by the end of 2025.

“The current tariff uncertainty does not directly impact our business but has resulted in global economic and market volatility,” said Anil Wadhwani, chief executive at Prudential.