Asia-focused insurer AIA Group Ltd posted its smallest ever quarterly ...
) posted its smallest ever quarterly growth in new business value, as anti-government protests in Hong Kong hit sales of insurance products to mainland Chinese visitors.
Anti-government demonstrations in the Chinese-ruled territory, which began in June, have resulted in a sharp drop in tourist arrivals, mainly those from the mainland, hitting sales of luxury goods and insurance policies, among other things. “Some of our markets are experiencing headwinds from the lower interest rate environment, falling consumer confidence and rising political and trade tensions,” the company said in its earnings statement.
Excluding Hong Kong, new business grew 14%, with mainland China emerging as its “fastest-growing” market in the quarter, the insurer said. Besides Hong Kong, AIA counts Australia, China, Indonesia, Malaysia, Singapore and Thailand among its other major markets.
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