Edition:
India

AIA Group Says Value Of New Business Grew 6% To US$4,154 Mln In FY


Thursday, 12 Mar 2020 

March 12 (Reuters) - AIA Group Ltd <1299.HK>::ANNOUNCES 10 PER CENT GROWTH IN FINAL DIVIDEND TO 93.30 HONG KONG CENTS PER SHARE.FY ANNUALISED NEW PREMIUMS (ANP) UP 2 PER CENT TO US$6,585 MILLION.FY VONB MARGIN INCREASED BY 3.0 PPS TO 62.9 PER CENT.FY OPERATING PROFIT AFTER TAX (OPAT) UP BY 9 PER CENT TO US$5,741 MILLION.IN FY, 6 PER CENT GROWTH IN VALUE OF NEW BUSINESS (VONB) TO US$4,154 MILLION.IN FY, 16 PER CENT GROWTH IN VONB EXCLUDING HONG KONG.ASIAN ECONOMIES CONTINUED TO DELIVER SOLID GROWTH IN 2019 WITH EXCEPTION OF HONG KONG WHICH WAS AFFECTED BY SOCIAL UNREST IN SECOND HALF.IN FY, 5 PER CENT VONB REDUCTION IN HONG KONG REFLECTED DECLINE IN SALES FROM MAINLAND CHINESE VISITORS IN H2 OF 2019.IN Q1 OF 2020, A NUMBER OF CO'S MARKETS ARE FACING HEADWINDS FROM LOWER INTEREST RATE ENVIRONMENT AND IMPACT OF COVID-19.EXPECTATION IS FOR A TEMPORARY BUT SIGNIFICANT DISRUPTION IN NEARTERM."WE HAVE SEEN A SIGNIFICANT DISRUPTION IN GROUP'S NEW BUSINESS SALES IN Q1 FROM REDUCED FACE-TO-FACE INTERACTIONS".SPEED OF RECOVERY AND EXTENT OF ANY LONG-TERM IMPACT REMAIN UNCERTAIN BUT WILL DEPEND ON DURATION AND SEVERITY OF COVID-19 OUTBREAK.HAVE NOT SEEN ANY UNUSUAL PATTERNS OF CLAIMS TO DATE IN MAINLAND CHINA."HAVE SEEN A SIGNIFICANT DISRUPTION IN GROUP'S NEW BUSINESS SALES IN Q1 GIVEN TRAVEL RESTRICTIONS".