HK insurers fall after probe in unlicensed sale of policies
Shares connected to Hong Kong insurers fell after authorities started an operation targeting corrupt conduct in the unlicensed sale of insurance policies to mainland customers.
AIA falls as much as 5.6% to the lowest level since April 2017: Manulife -2.4%, Prudential -2.6%.
“The report of IA and ICAC joint operation also hit on sentiment for the insurance sector today,” said Steven Leung, executive director at UOB Kay Hian.
For AIA, there are also investors' concerns with slowing demand from mainland clients.
Search warrants were executed by the Insurance Authority and the ICAC on April 10 and 11 at four premises, including the offices of a licensed insurance broker company and a referral company, according to a government statement.
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