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Hong Kong, 5 July 2023 – The Board of Directors (the “Board”) of AIA Group Limited, (“AIA” or the “Company”; stock code: 1299), is pleased to announce the appointments of Ms. Mari Elka Pangestu and Mr. Ong Chong Tee as Independent Non-executive Directors (INED) and members of the Nomination Committee of the Company, both with effect from 1 July 2023.
Edmund Tse, AIA Group Chairman, said, “I am delighted that Ms. Mari Elka Pangestu and Mr. Ong Chong Tee have joined our Board. They each bring a wealth of international experience across a range of subjects that will add meaningfully to our already deeply experienced Board.”
AIA also announced the retirement of Ms. Swee-Lian Teo as an INED with effect from 1 September 2023. Upon her retirement, Ms. Teo will also cease to be the Chairman of the Risk Committee and a member of the Nomination Committee. AIA INED, Mr. Chow Chung-Kong, has been appointed as the Chairman of the Risk Committee of the Company with effect from 1 September 2023.
Lee Yuan Siong, AIA Group Executive Director and Group Chief Executive, said, “I know that I join Edmund, my fellow board members, and our senior leadership team in expressing our deep gratitude to Swee-Lian for her leadership and significant contributions to AIA over the last eight years. She has been a highly valued advisor to our executive team and played an instrumental role supporting our Board, including as Chairman of the Risk Committee and as a Board Representative on the ESG Committee.”
Ms. Pangestu, aged 66, recently completed her role as World Bank’s Managing Director of Development Policy and Partnerships and currently serves as a Professor of International Economics at the University of Indonesia, adjunct senior research scholar at the Columbia University and Professor of the University of Prasetiya Mulya. Mr. Ong, 61, is the Chairman of the Accounting and Corporate Regulatory Authority in Singapore. He has 35 years of experience with the Monetary Authority of Singapore (MAS), in the areas of reserve management, monetary policy, investment management, financial development and financial supervision. The full bios of Ms. Pangestu and Mr. Ong can be viewed here.
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 – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$303 billion as of 31 December 2022.
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, AIA serves the holders of more than 41 million individual policies and over 17 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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(1) Hong Kong SAR refers to the Hong Kong Special Administrative Region.
(2) Macau SAR refers to the Macau Special Administrative Region.