AIA Group Limited is a Hong Kong-based insurance and financial services company that operates in multiple markets across Asia-Pacific, including China, Hong Kong, Singapore, Malaysia, Thailand, and Australia. The company provides a range of life insurance, health insurance, accident and disability insurance, and wealth management services to individual and corporate clients.
History: AIA Group was founded in Shanghai, China, in 1919 as the American Asiatic Underwriters (AAU), a subsidiary of American International Group (AIG). In the 1930s, the company expanded to other Asian countries, including the Philippines, Malaysia, and Singapore. After AIG faced financial difficulties during the global financial crisis of 2008, it sold its Asian insurance businesses, including AIA, to Prudential plc. In 2010, AIA went public on the Hong Kong Stock Exchange in one of the largest initial public offerings (IPOs) in history.
Products and Services: AIA offers a wide range of insurance products and services, including life insurance, health insurance, accident and disability insurance, and employee benefits. Its life insurance products include whole life, term life, endowment, and investment-linked insurance plans. Its health insurance products cover critical illness, hospitalization, medical protection, and long-term care. AIA also offers accident and disability insurance products, such as personal accident insurance and travel insurance, as well as group insurance and retirement schemes.
AIA’s wealth management services include investment-linked plans, mutual funds, pension plans, and annuities. It also provides financial planning and advisory services, such as retirement planning, estate planning, and education planning.
Market Presence: As of 2021, AIA Group has a presence in 18 markets across Asia-Pacific, serving over 38 million individual and corporate clients. The company’s largest market is China, where it operates through its subsidiary, AIA China. Other major markets include Hong Kong, Thailand, Singapore, and Malaysia. AIA has a network of over 300,000 agents and distribution partners across the region.
Corporate Social Responsibility: AIA Group is committed to sustainability and corporate social responsibility (CSR). The company has set a target to reduce its carbon footprint by 30% by 2025 and has pledged to make all its offices carbon neutral by 2030. AIA also supports various social and environmental initiatives, such as promoting healthy lifestyles, supporting disaster relief efforts, and reducing plastic waste.
In conclusion, AIA Group is a leading insurance and financial services company in the Asia-Pacific region, providing a wide range of life insurance, health insurance, accident and disability insurance, and wealth management services to individual and corporate clients. With its extensive market presence, strong product offerings, and commitment to sustainability and CSR, AIA Group is well-positioned for continued growth and success in the future.