AIA Singapore announced today that it has agreed with HSBC Insurance (Singapore) to make an offer to the agents of HSBC Insurance (Singapore) to join AIA.
This opportunity for HSBC Insurance (Singapore)’s agents is the result of HSBC Insurance (Singapore)’s decision to focus on its insurance manufacturing and bancassurance operations and is expected to further extend AIA’s market-leading agency force in Singapore. Those agents who choose to take up the offer will be subject to the normal relevant regulatory approvals before joining AIA.
Mr. Tan Hak Leh, Chief Executive Officer, AIA Singapore, said, “We are delighted to be able to offer HSBC Insurance (Singapore)’s agents an opportunity to continue – and advance – their careers in the dynamic Singapore insurance market. This offer will also provide the customers of these agents with the option to receive continuity of service. AIA’s Premier Agency distribution capability together with our product innovation, financial strength and leading brand position are key competitive advantages for AIA that will ensure we continue to be a market-leader in Singapore.”
About the AIA Group
AIA Group Limited and its subsidiaries (collectively “AIA” or “the Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has operations in 17 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$147 billion as of 31 May 2013.
AIA meets the savings and protection needs of individuals by offering a range of products and services including retirement savings plans, life insurance and accident and health insurance. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents and employees across Asia-Pacific, AIA serves the holders of more than 27 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).