AIA granted approval as preferred applicant to operate in Myanmar through 100% wholly-owned subsidiary

08 April 2019

HONG KONG, 8 April 2019 – AIA Group Limited (“AIA”; or the “Company”; stock code: 1299) today announced that it has been granted an approval by the Republic of the Union of Myanmar Ministry of Planning and Finance (MoPF) as a Preferred Applicant to operate in Myanmar through a 100% wholly-owned subsidiary. Upon fulfilment of pre-licencing conditions, AIA will be granted a foreign life insurance licence.

Ng Keng Hooi, Group Chief Executive and President, said:

“As we celebrate our centennial year, we are delighted to have received this approval and to have the opportunity to contribute to the further development of the financial services market in Myanmar. Myanmar has one of the fastest growing economies in South East Asia, with significant development potential given its relatively young population of over 53 million, a growing middle class and rapid urbanisation.

“Looking ahead, we are committed to meeting the significant life insurance needs in Myanmar through providing best-in-class protection solutions, ensuring greater financial inclusion and creating employment and development opportunities for the local workforce. We are excited to be able to play a role in Myanmar’s long-term socioeconomic development as we help the people of Myanmar to lead Healthier, Longer, Better lives.”

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About AIA

AIA Group Limited and its subsidiaries (collectively “AA” 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 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$230 billion as of 31 December 2018.

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 33 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”).


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