Phnom Penh, 3 March 2017 – AIA (Cambodia) Life Insurance Plc. ("AIA Cambodia") has received an insurance licence from the Ministry of Economy and Finance of Cambodia. AIA Cambodia now expects to launch its operations in the kingdom's rapidly developing life insurance market this year.
AIA Cambodia is a wholly owned subsidiary of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group and the second largest life insurer in the world by market capitalisation. As of 30 November 2016, total assets of the Group amounted to US$185 billion. With a track record in Asia-Pacific spanning close to a century, AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") serves more than 30 million individual policyholders and over 16 million participating members of group insurance schemes throughout the region.
The newly granted licence will allow AIA to introduce differentiated products and services to meet the growing protection and long-term savings needs of people in Cambodia. AIA is committed to contributing to the kingdom's economic and social development over the long term.
Richard Bates, Chief Executive Officer of AIA Cambodia, said: "We are excited that we have been given the opportunity to enter this nascent market where life insurance penetration rate is currently less than 1 per cent. AIA Cambodia aims to provide peace of mind to individuals and their families. We look forward to bringing 'the Best of AIA' to Cambodia to meet the needs of Cambodians and make a positive difference in their lives."
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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, 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 almost a century ago. 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$185 billion as of 30 November 2016.
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 30 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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