Shares of AIA (HKEX: 01299) fell more than 5% in afternoon trading. As of the latest update, the stock was down 5.41% to HK$77.8, with a turnover of HK$29.99 billion.

The decline follows a company announcement on the Hong Kong exchange. On June 3rd, AIA repurchased 7.2626 million shares at a cost of approximately HK$597 million.

The insurer has now conducted share buybacks for 43 consecutive trading days since March 30, accumulating a total of 138 million shares repurchased for a combined amount of about HK$11.646 billion.

Market focus is also on the company's MCV insurance business. Analysis from UBS in a recent report noted that this business differs from cross-border securities trading.

The MCV operations have been conducted under the existing regulatory framework since 2004, with a core requirement being that the insurance application must be completed within Hong Kong.

AIA has emphasized that the direction of this business aligns with the integrated development strategy of the Greater Bay Area. Initiatives include establishing insurance service centers in the region to enhance service capabilities for cross-border clients.