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AIA Group's new business value growth slows to 6% in 2019 on Hong Kong protests

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Insurer AIA Group said on Thursday its value of new business increased 6% last year, slowing from a robust growth posted in recent years, as months of anti-government protests in Hong Kong weighed on sales.

[BENGALURU] Insurer AIA Group said on Thursday its value of new business increased 6% last year, slowing from a robust growth posted in recent years, as months of anti-government protests in Hong Kong weighed on sales.

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.

The Hong Kong-based company, which reported more than 20 per cent annual growth in new business value in the last few years, was expected by analysts to post a rise of 8 per cent to US$4.28 billion, as per Refinitiv data.

REUTERS