Kuala Lumpur, 5 July 2018 – AIA Bhd. (AIA) has announced the establishment of a new subsidiary, AIA General Berhad, which aims to give their general insurance business a renewed strategic focus. The general business arm provides motor, personal accident and commercial insurance which will be distributed through AIA’s network of Life Planners, bank partners, telesales representatives, branches located nationwide and in the near future, directly online.
AIA General Berhad will be led by its new Chief Executive Officer, Eric Chang who will guide the company and leverage on the collective expertise and capabilities of AIA Bhd.’s existing distribution, technology and operations. “This is an exciting new chapter for us and I am excited to lead a dynamic team and drive AIA General Berhad’s business forward. We are committed to providing our customers with new and innovative solutions that will continually meet their constantly evolving needs and we look forward to expanding our reach particularly through e-commerce,” shared Chang at the recent signing ceremony in AIA Bhd. headquarters.
Anusha Thavarajah, Chief Executive Officer of AIA Bhd. who was also present said: “We see plenty of potential in the general insurance market and are excited about embracing new ways of reaching out to our customers. We also want to ensure that we continue to provide a comprehensive suite of products and services that meet their needs. We are midway through our 70th anniversary in Malaysia and it gives us great pleasure to recognise another milestone as we continue on our journey of growth and success in this country.”
Starting from 1 July 2018, AIA General Berhad begins operations as a new entity within AIA group of companies in Malaysia with a focus on offering general insurance products. This is in line with the Financial Services Act 2013 that requires insurers like AIA which hold the composite license (for life and general insurance) to separate the two. AIA Bhd. has successfully completed the exercise to separate the license.
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About AIA General Berhad
AIA General Berhad is part of AIA Bhd., a leading insurer in Malaysia. We began operations after obtaining our general insurance license on 1 July 2018. We provide motor, personal accident and commercial insurance solutions to nearly half a million Malaysians. Our products are distributed through our vast network of AIA Life Planners, bank partners, telesales representatives, nationwide branches, and soon, directly online. Led by data-driven innovation, we continuously improve our products and services to meet our customers’ evolving needs, now and in the future.
About AIA Bhd.
AIA Bhd. is a leading insurer in Malaysia, where we have been privileged to do business since 1948. We offer a suite of financial solutions including Protection, Health, Personal Accident, Employee Benefits, General Insurance, Mortgage, Retirement and Family Takaful products to meet our customers’ protection and financial security needs at every life stage. Through our wide and diverse distribution footprint which comprises a 14,000 strong Life Planner force, our exclusive bank partner’s branches nationwide as well as corporate sales teams and brokers, we give our customers the choice of deciding how, when and where they connect with us.
Part of the AIA Group, the largest independent publicly listed pan-Asian life insurance group, AIA Bhd. has the financial strength, experience, service centre network and a well-trained team of more than 2,000 staff to serve our 3 million customers nationwide. As at 30 November 2017, AIA Bhd.’s total asset worth was RM51 billion, with a paid-up capital of RM1,451 million.
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 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, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai almost a century 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$216 billion as of 30 November 2017.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 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”).