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Insurer AIA Group's net profit slides 96.2% in 2022

Capital markets, interest rates hit returns for Asia-focused company

Hong Kong-based AIA Group's net profit fell 96.2% in 2022 from the year before, with the insurer's earnings hammered by investment losses. CEO Lee Yuan Siong speaks during a press conference in Hong Kong on March 10. (Photo by Takeshi Kihara)

HONG KONG -- Asia-focused insurer AIA Group's net profit plummeted in 2022, as investment returns suffered amid rising interest rates, although the company sees positive trends this year in the key mainland China market.

The Hong Kong-based company's net profit dropped 96.2% to $282 million, down from $7.42 billion in 2021 and marked its biggest decline since the group's Hong Kong IPO in 2010, according to company filings submitted Friday.

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