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AIA posts first annual drop in new business value since listing

March 12 (Reuters) - Insurer AIA Group Ltd said on Friday new business value dropped 33% last year, the first annual fall since its 2010 listing in Hong Kong, weighed by lower demand for new policies during the COVID-19 pandemic.

AIA’s value of new business (VONB), which measures expected profits from new premiums and is a key gauge for future growth, fell to $2.77 billion in 2020, from $4.15 billion a year earlier, according to its earnings statement.

Analysts had expected VONB at the Hong Kong-based company to fall 26.7% to $3.04 billion, according to Refinitiv data. (Reporting by Alun John in Hong Kong and Shashwat Awasthi in Bengaluru; Editing by Amy Caren Daniel)

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