AIA Group recorded a contraction in its value of new business during the third quarter due to diminished demand for insurance products in both the Chinese Mainland and Hong Kong. The crucial growth indicator, which gauges the expected profitability of newly issued premiums, retreated to $1.42 billion on a constant exchange rate basis for the quarter ending September 30. This performance represents a moderate decline from the $1.48 billion reported by the Hong Kong-based insurer during the identical timeframe last year.
Oct 30 : Hong Kong-based insurer AIA Group reported a 5 per cent drop in its third-quarter value of new business (VONB) on Friday, impacted by reduced demand for its insurance products in the Hong Kong and Chinese Mainland markets.
AIA's VONB, which gauges expected profits from new premiums and is a key barometer for future growth, came in at $1.42 billion on a constant exchange rate basis in the quarter ended September 30, compared with $1.48 billion a year ago.
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