HONG KONG, 20 March 2020 – AIA Group Limited (“AIA”; or the “Company”; stock code: 1299) welcomes the introduction of the Group Wide Supervision (GWS) framework by Financial Services and the Treasury Bureau into the Legislative Council today.
As the largest life insurance company in the world, AIA is proud to be incorporated and headquartered in Hong Kong and fully supports the GWS framework, which will further align Hong Kong’s insurance regulatory regime with international standards.
Ng Keng Hooi, Group Chief Executive and President said, “We commend the efforts by Hong Kong Insurance Authority to develop and implement a common framework based on internationally recognised Insurance Core Principles. This is a positive development that will underpin the continued health and strength of the local insurance industry while reinforcing Hong Kong’s position as a leading global financial centre.”
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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 – 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 99 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$284 billion as of 31 December 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 36 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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