Hong Kong-listed AIA shares fall most in 22 months on buying non-life assets

The Bank of East Asia

07/03/2022 03:03

** Shares of Asia-focused life insurer AIA Group Ltd
 1299.HK  fall as much as 6.7% to HK$74.05, the biggest daily
percentage decline since May 2020 
    ** Stock hits the lowest since November 2020 and is on track
for a second session of decline
    ** Stock is also the second-biggest percentage decliner in
Hang Seng Finance Index  .HSNF  and the third-biggest loser on
the Hang Seng Composite Index for financials stocks  .HSCIF  
    ** Bank of East Asia  0023.HK  (BEA) said on Friday it has
agreed to sell its non-life insurance and healthcare services
businesses to a unit of AIA Group for an aggregate HK$2.168 bln
($278 mln)  urn:newsml:reuters.com:*:nL2N2V806L
    ** BEA expects to book HK$1.534 bln profit upon completion
of the deals
    ** Shares of BEA slip 0.3%
    ** Hang Seng Composite Index tracking financials stocks
 .HSCIF  falls 3.7%, Hang Seng Finance Index  .HSNF  drops 3.9%,
and the benchmark Hang Seng Index  .HSI  declines 3.5%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))