Prudential Plc’s new business profit grew in the first half of the year amid buoyant demand in key markets from the Hong Kong Special Administrative Region to Indonesia.

The insurer’s new business profit rose 12 percent to $1.26 billion — factoring in currency movements — in the six months through June 30, up from $1.12 billion a year ago, according to a statement on Wednesday. The firm lifted its interim dividend by 13 percent.

Prudential, as well as its major rival AIA Group Ltd, are growing other Asian markets along with Hong Kong SAR and Chinese mainland.

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“We are confident we will carry this momentum into the second half and beyond, keeping us firmly on track to achieve our 2027 financial objectives,” Chief Executive Officer Anil Wadhwani said in the statement.

Factoring in currency movements, Hong Kong’s new business profit rose 16 percent to $540 million, driven by both mainland visitors and local customers. Whilst still relatively small at $51 million, Indonesia’s new business profit grew 31 percent due to strong health policy sales.

Prudential shares rose as much as 2.1 percent in Hong Kong trading as of the lunch break, compared with a 1.2 percent drop on the Hang Seng Index.

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In 2023, Prudential launched a new business strategy with a goal of doubling the new business policies to as much as $5.4 billion by 2027, up from $2.2 billion in 2022. The insurer Wednesday said it will conduct $500 million in share buybacks in 2026 and $600 million in 2027.