AIA's 2019 growth in new business value slows to 6%; flags coronavirus impact

HONG KONG - Insurer AIA Group said on Thursday the growth in value of new business slowed to 6 per cent last year as anti-government protests in Hong Kong weighed on sales, and it signalled a brief but significant impact from the coronavirus outbreak.

AIA's new business value, which measures expected profits from new premiums and is a key gauge for future growth, rose to US$4.15 billion in 2019, up from US$3.96 billion a year earlier, according to its earning statement. Anti-government protests in the Chinese-ruled territory, which began in June last year, have led to a sharp drop in tourist arrivals, mainly from the mainland, hitting sales of luxury goods and insurance policies, among other things.

The value of new business in Hong Kong fell 5 per cent to US$1.62 billion, impacted by a decline in sales from mainland Chinese visitors in the second half of 2019.

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