HONG KONG, 27 December 2019 – AIA Company Limited (“AIA Co.”) has published an announcement in Mainland China of its intention to convert its Shanghai Branch into a wholly-owned subsidiary of AIA Co. (the “Subsidiary”). This follows the recent announcement by the relevant department of Chinese government to remove the foreign shareholding restrictions on life insurers, effective from 1 January 2020.

As part of the proposed conversion, the other existing branches of AIA Co. in Mainland China will be converted into branches of the Subsidiary. AIA Co. will continue to own 100 per cent of its business in Mainland China.

All the protections and benefits provided to policyholders under the relevant insurance contracts by the existing branches of AIA Co. in Mainland China involved in the proposed conversion will continue to be valid, and the Subsidiary will bear the obligations of such entities under the relevant insurance contracts. AIA Co. undertakes that all rights and interests under these insurance contracts will not be affected.

AIA Co. will submit its formal application for the proposed conversion to the China Banking and Insurance Regulatory Commission in accordance with the relevant laws and regulations. The conversion will be undertaken upon obtaining approval.

- End -

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 SAR, Thailand, Singapore, Malaysia, Mainland China, South Korea, the Philippines, Australia, Indonesia, Taiwan (China), Vietnam, New Zealand, Macau SAR, Brunei, Cambodia, Myanmar, a 97 per cent subsidiary in Sri Lanka, and a 49 per cent joint venture in India.

The business that is now AIA was first established in Shanghai a century ago in 1919. 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$256 billion as of 30 June 2019.

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 34 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”).

Contacts

- ###-

Notes: