By P.R. Venkat

AIA Group said its value of new business fell 37% in the first half due to Covid-19 restrictions.

New-business value declined to $1.41 billion, while the new-business margin also slipped 11 percentage points to 54.4%, the insurer said Thursday.

"In the first half of 2020, measures to contain the spread of Covid-19 across our markets have limited face-to-face sales meetings," AIA Group Chief Executive Lee Yuan Siong said.

AIA said it was seeing an uptick in its business as restrictions ease.

"While our financial position remains resilient, persistent low levels of government bond yields could slow free surplus emergence and remittances from some of our businesses," the company said. 



  Write to P.R. Venkat at venkat.pr@wsj.com