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March 12 (Reuters) - Insurer AIA Group Ltd on
Friday reported a worse-than-expected drop in full-year new
business value, weighed by lower demand for new policies during
the COVID-19 pandemic.
Insurers globally have been hit by pandemic-related claims
for travel, business interruption and event cancellations as
well as reduced demand for life insurance policies due to the
economic slowdown.
In Asia, insurance firms mainly rely on their army of agents
for product sales, which have been dented by lockdowns and
social distancing measures put in place by various countries to
contain the pandemic.
AIA s value of new business (VONB), which measures expected
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March 12 (Reuters) - Insurer AIA Group Ltd said on
Friday new business value dropped 33% last year, the first
annual fall since its 2010 listing in Hong Kong, weighed by
lower demand for new policies during the COVID-19 pandemic.
AIA s value of new business (VONB), which measures expected
profits from new premiums and is a key gauge for future growth,
fell to $2.77 billion in 2020, from $4.15 billion a year
earlier, according to its earnings statement.
Analysts had expected VONB at the Hong Kong-based company to
fall 26.7% to $3.04 billion, according to Refinitiv data.
(Reporting by Alun John in Hong Kong and Shashwat Awasthi in