Phnom Penh, 5 May 2017 – AIA Group Limited (“AIA” or the “Company”; stock code: 1299) announced today the official opening of AIA (Cambodia) Life Insurance Plc. (“AIA Cambodia”) at a ceremony in Phnom Penh. AIA was granted an insurance licence from the Ministry of Economy and Finance of Cambodia in March 2017.
AIA Cambodia is a wholly owned subsidiary of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
Attending the opening ceremony, Ng Keng Hooi, Group Chief Executive and President Designate, said: “This is an important milestone for AIA and we are delighted to be here. The opening of AIA Cambodia further underlines the breadth and strength of our Asia-Pacific offering, where we are present in 18 markets and have been operating for almost a century.”
“We believe that Cambodia holds great potential as a life insurance market with its young and growing population, solid economic growth, expanding middle class and very low penetration rate of private life coverage. Working with our partners we are very committed to helping Cambodians live longer, healthier, better lives.”
Richard Bates, Chief Executive Officer of AIA Cambodia, said: “AIA Cambodia will strive to give Cambodians access to the best advice for their insurance protection and long-term savings needs. We view it as our duty to bring as many people as possible under insurance coverage with the aim of providing financial security and peace of mind to Cambodians and their families across generations.”
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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 – whollyowned 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$185 billion as of 30 November 2016.
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”).