HONG KONG (dpa-AFX) - Pan-Asian life insurance company AIA Group Ltd (AAIGF.PK, AAGIY.PK) reported Monday that its third-quarter value of new business or VONB declined 28 percent to $706 million from last year's $980 million. Sequentially, VONB climbed 22 percent.
VONB margin was 51.6 percent, down from 67 percent last year, but slightly higher than 51.4 percent in the preceding second quarter.
In the latest quarter, annualised new premiums or ANP were $1.35 billion, down 6 percent from last year, but up 21 percent sequentially.
Total weighted premium income or TWPI was $8.80 billion, a growth of 8 percent from last year as well as sequentially.
Looking ahead, Hong Kong-based AIA said the medium-term outlook remains highly uncertain given COVID-19 infections have been rising in many countries and political and trade tensions remain elevated.
However, the demand for AIA's products and services will continue to grow over the long term.
Copyright RTT News/dpa-AFX
© 2020 AFX News
