Yahoo Finance Hong Kong-based AIA’s Share Price Jump Following Release of Q3 Business Results
Investing.com - Share prices of the Hong Kong-listed insurer AIA Group Ltd (HK:1299) jumped 4% on Monday in Asia after posting business results in the three months to September 30.
In a statement released on Monday, AIA said its business has been affected by a “challenging operating environment, particularly in relation to current events in Hong Kong.”
AIA’s overall value of new business was little changed in the third quarter at $980 million.
New business to Hong Kong residents increased, but that was overshadowed by the decline in sales to mainland visitors, the company said, adding that quarterly annualised new premiums was lowered by 8% at $1,444 million.
In terms of outlook, AIA said “some of our markets are experiencing headwinds from the lower interest rate environment, falling consumer confidence and rising political and trade tensions.”
Despite the headwinds, the company’s markets across the region will benefit over long term from increasing demand for its products, AIA said.
Share price of the company last traded at HK$77.75 by 11:57 PM ET (03:57 GMT), up 4.01%.
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