AIA NZ launches partnership for closed unit-linked policies

It will entail a transition of half a billion in unit-linked portfolio

AIA NZ launches partnership for closed unit-linked policies

Life & Health

By Kenneth Araullo

AIA NZ has announced a collaboration with Smartshares, an investment funds manager in New Zealand and a subsidiary of NZX, to ensure a seamless and cost-efficient transition of the insurer’s $500 million unit-linked policy portfolio into SuperLife funds.

These funds encompass a range of options, including NZ Cash, International Equities, Australasian Equities, US Equities, European and Asia Pacific Equities, and International and New Zealand Fixed Income.

The company also emphasised that the modifications would have no impact on the asset allocations of AIA NZ’s unit-linked policy investors. AIA NZ also underscored its commitment to providing its customers with a high level of service, and for any inquiries or additional information, customers were encouraged to reach out to AIA NZ directly.

AIA NZ chief product and investments officer Len Elikhis said that the partnership had allowed the company to optimise its investment strategy.

“This is a valued partnership, and we look forward to exploring opportunities to work together to ensure our investment portfolio continues to create enduring value for our customers and shareholders, as well as helping AIA NZ to deliver its Environmental, Social and Governance (ESG) commitments,” Elikhis said.

Likewise, Smartshares CIO Stuart Miller noted that the collaboration highlighted the company’s ability to provide a total investment solution across all investor types.

“Smartshares has been able to create bespoke investment strategies for AIA NZ’s existing range of unit-linked funds, and AIA NZ has gained operational efficiencies by using Smartshares’ platform to automate the allocation of cashflows in an accurate and timely manner,” Miller said.

The insurer also recently unveiled its annual claims figures for 2022, revealing that 93% of all claims were accepted, with 47% of them involving cancer.

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