AIA Group 1299 01 (Aug 10 - May 20)

[winston]

not vested

Asia-focused insurer AIA Group reported a 27 per cent drop in quarterly new business value on Friday for the first time since listing in Hong Kong in 2010, hit by disruptions caused by the Covid-19 pandemic in its main markets.

Source: Phillips

[winston]

not vested

AIA new business value shrinks by 27pc to US$841m

Shares of AIA (1299) climbed by 1.64 percent to HK$68.25 today despite reporting that new business value, in constant exchange rates, shrank by 27 percent from a year ago to US$841 million (HK$6.56 billion) during the first quarter this year, worse than expected.

The insurer emphasized that the value of new business in mainland China had recovered strongly in March.

Annualized new premiums fell by 18 percent year-on-year, while the value of new business margin dropped by 6.9 percentage points to 56.6 percent for the first quarter.

AIA's total weighted premium income grew by 8 percent from a year earlier to around US$8.8 billion.

Chief executive Ng Keng-hooi said measures to contain the coronavirus pandemic had the most significant impact on the company's businesses in Hong Kong and mainland China during the first quarter.

In aggregate, AIA's businesses outside the two markets saw strong new business value growth before incremental movement restrictions began to slow momentum in March, he said.

However, the company recorded a double-digit increase in new agency recruits during the first quarter, supported by its new online capabilities in recruitment and training, said Ng.

Source: The Standard

https://www.thestandard.com.hk/breaking ... to-US$841m

[winston]

vested

<Research Report>JPM: AIA (01299.HK) Looks Oversold; Recommended Overweight with $91 TP

AIA (01299.HK)'s price slipped 9% last Friday, lagging behind HSI (down 6%), reported JPMorgan.

This reflected political instability concerning Hong Kong's business development uncertainty as offshore market, weaker onshore market sales amid political tensions, and feeber ASEAN economic activities in 2Q20.

AIA was rated at Overweight, with an unchanged target of $91.

Source: AAStocks Financial News