PRESS RELEASE

AIA COMPLETES INVESTMENT IN CHINA POST LIFE

12 January 2022




HONG KONG, 12 January 2022 – AIA Group Limited (the “Company”, and together with its subsidiaries, “AIA” or the “Group”) is pleased to announce that it has completed its investment in China Post Life Insurance Co., Ltd. (“China Post Life”). The investment was completed upon receiving all necessary regulatory approvals for AIA’s wholly owned subsidiary, AIA Company Limited, to invest RMB12,033 million (US$1,860 million)1 for a 24.99 per cent equity stake in China Post Life.

AIA’s investment in China Post Life is complementary to AIA’s strategy in China and increases the Group’s exposure to the growth opportunities in the Chinese life insurance market. The investment enables AIA to capture the significant value available from distribution channels and customer segments, helping millions more Chinese families live Healthier, Longer, Better Lives. The Group’s operations of AIA China will remain entirely independent of this investment.

Additional information on the investment:


 

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About AIA

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 SAR2, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR3, and a 49 per cent joint venture in India.

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$330 billion as of 30 June 2021.

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 39 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”).

About China Post Life

China Post Life Insurance Co., Ltd. (“China Post Life”) is a subsidiary of China Post Group Co., Ltd. (“China Post”). China Post Life was established in 2009 with the strategic mission of serving the national economic development and promoting social well-being enhancement.

China Post Life is a leading bank-affiliated4 life insurer focused on bringing financial protection to the mass and emerging mass-affluent market in China with solid operations and excellent management. Through its distribution partnership with Postal Savings Bank of China Co., Ltd. (“PSBC”), China Post Life has access to the largest retail financial distribution network of around 40,000 financial outlets and more than 600 million retail customers across the country. China Post Life currently distributes in 21 provinces, covering 80 per cent of the PSBC network.

China Post Life has 15 million customers and total assets of RMB 397.4 billion as of 30 November 2021.  

Contacts 

Investment Community  
Lance Burbidge +852 2832 1398
Evelyn Lam +852 2832 1633
Feon Lee +852 2832 4704
Rachel Poon +852 2832 4792

News Media  
Cecilia Ma Zecha +852 2832 5666
Duke Malan +852 2832 4726
Kitty Liu +852 2832 1742



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Notes:

1. Unless otherwise specified, the translation of Renminbi into United States Dollars is made for illustration purposes only at the rate of RMB6.47 to US$1. No representation is made that any amounts in Renminbi could have been or could be converted at the specified rate.

2. Hong Kong SAR refers to Hong Kong Special Administrative Region.

3. Macau SAR refers to Macau Special Administrative Region.

4. Bank-affiliated life insurer refers to a life insurer whose main distribution channel is bancassurance and is controlled by, or affiliated with, a large commercial bank in China.