May 15 (Reuters) - Asia-focussed insurer AIA Group Ltd reported a 28% 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 coronavirus pandemic in its main markets.
The insurer’s new business value, which measures expected profits from new premiums and is a key gauge for future growth, fell to $841 million in the January to March quarter, from $1.17 billion a year earlier.
AIA has long benefited from demand for insurance products in its two biggest markets of Hong Kong and China but has faced sharply slowing growth in recent quarters due to anti-government protests and an economic downturn in Hong Kong. (Reporting by Nikhil Kurian Nainan in Bengaluru and Sumeet Chatterjee in Hong Kong; Editing by Shailesh Kuber)
Our Standards: The Thomson Reuters Trust Principles.