AIA has announced record growth of 55% in value of new business and an overhaul of its regional leadership team.
The results saw total weighted premium income rise 24% alongside record growth in the value of new business, which hit US$844 million.
AIA’s Chinese business was the fastest growing of the quarter while the business saw strong growth in Hong Kong and Malaysia with slower growth in Singapore and Thailand.
The major insurer announced in March that Mark Tucker, group CEO and president, would retire from his role in September but the handover process to Ng Keng Hooi is progressing well enough that Tucker will now stand down on June 01. He will remain with the business as a director until August 31.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now
In addition, the firm announced that John Cai, currently CEO of AIA China, will become regional chief executive responsible for AIA’s operations in China, Malaysia, Vietnam, Taiwan and Myanmar.
Jacky Chan, currently CEO of AIA Hong Kong and Macau, will be appointed regional chief executive responsible for operations in Hong Kong, Macau, Singapore, Brunei, Indonesia, the Philippines and Cambodia as well as group agency distribution.
“The fact that these are internal appointments also highlights the quality and depth of AIA’s senior management team across the region,” Keng Hooi said.
Bill Lisle will continue in his role as regional chief executive, responsible for operations in Thailand, Korea, Australia and New Zealand, India and Sri Lanka as well as group partnership distribution, while Gordon Watson, regional chief executive, has left the business.
Hearing of long-running lawsuit against AIA ends, verdict expected soon
AIA chief stands down; successor named