One of Asia’s largest insurer AIA has reported a whopping 60% growth in the value of new business from mainland China as regulators struggle to stem the flow of personal wealth leaving the country via Hong Kong’s offshore insurance industry.
A former agent of pan-Asian life insurance company AIA pleaded guilty for the second time on Thursday to defrauding an elderly couple of more than $5m (£3.4m, €4.4m) after withdrawing her earlier plea.
AIA Group has named Mark Saunders group head of strategy and corporate development.
Citibank has appointed Virginia Luk as head of insurance for Hong Kong with immediate effect.
The value of new business at Asia’s largest insurer AIA Group grew by a quarter during the year to the end of November, despite a decline in net profit.
AIA Group and Citibank have entered into an agreement for distribution of insurance products in 11 markets in the Asia-Pacific region.
AIA’s Malaysia CEO and group chief distribution officer Bill Lisle says the company’s agency and partnership distribution platforms are a key driver of the company’s success as it capitalises on the region’s massive untapped growth opportunities
Kuala Lumpur headquartered asset manager Kenanga Investors has bought ING’s Malaysian fund management business, part of a strategic sell-off by ING which also saw it complete the sale of ING Malaysia to AIA Group earlier this week.
AIA Group has confirmed it is to acquire ING’s Malaysian insurance subsidiaries for $1.7bn, subject to regulatory approvals.
Bidding for Avivas Malaysian insurance business has entered a second round, with four potential buyers still in the running for the deal which is estimated to be worth about $500m, according to media reports.
AIA Group has appointed its current Australia chief executive officer Damien Green to a new role.
Prudential overestimated the cost of its failed bid to buy Asian insurance giant AIA.
