AIA Group

AIA Group Limited is a leading pan-Asian life insurance company. It was founded in 1919 and is headquartered in Hong Kong. The company operates in 18 markets across the Asia-Pacific region and has a strong presence in countries such as China, Hong Kong, Thailand, and Malaysia. AIA offers a wide range of life insurance products and services, including savings, protection, and investment-linked insurance. The company's mission is to help people live healthier, longer, and better lives.

AIA Group Limited is the largest publicly listed life insurance group in Asia-Pacific. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services, variable contracts, investments and securities.

Since 2013, AIA has had an exclusive bancassurance agreement with Citibank that encompasses 11 AIA markets in Asia-Pacific.

AIA traces its roots to 19 December 1919 when Cornelius Vander Starr founded what was then known as American Asiatic Underwriters in Shanghai, China (later American International Underwriters). 

A young American with a passion for enterprise, Cornelius Vander Starr, opened a small insurance agency at 15 Nanking Road, Shanghai. His “enterprise” soon extended to life insurance with one simple business idea: people in Asia would find insurance attractive because of their desire to care for their families and be prudent. AIA continued to increase its footprint in Asia with the establishment of branch offices in Hong Kong and Singapore in 1931. When AIA entered Malaysia in 1933, Asia was in the grip of the Great Depression. Its 1938 establishment in Thailand was during the same decade that a constitutional monarchy was formed. In Indonesia, AIA was founded in 1951 as Indonesia was emerging as an independent nation. 

In the early 1940s, AIA faced a major challenge as World War II spread across Asia. The company was forced to suspend its operations in many regions due to the conflict, which caused significant disruption to its business. Despite the challenges, AIA remained committed to its customers and employees, and it continued to provide support to those who were affected by the war.

Following the end of World War II in 1945, AIA resumed its operations in many countries across Asia. The company also expanded its operations by acquiring several local insurance companies in the region, which helped it to increase its market share and strengthen its presence in key markets.

On 21 January 1939, Starr relocated his head office from Shanghai to New York City after the Japanese invasion of China and again on 5 April 1949 with the communist takeover of mainland China, and the Chinese AIA became a subsidiary of New York-based American International Group (AIG).

During the 1950s, AIA continued to grow and expand its operations across Asia. In 1951, the company established its first office in Japan, which marked the beginning of its expansion into new markets. AIA also entered into joint ventures with local partners in several countries, which allowed it to enter into new markets and offer a wider range of products and services.

In 1967, AIA faced a significant event when riots broke out in Hong Kong, which disrupted its operations and caused significant damage to its office buildings. Despite the challenges, AIA remained committed to its customers and employees, and it worked quickly to restore its operations and provide support to those affected by the riots.

In 1972, AIA established its regional headquarters in Hong Kong, which became the centre of its operations in the Asia-Pacific region. This move allowed the company to better serve its customers and expand its business across the region. In 1976, AIA became a publicly listed company on the Hong Kong Stock Exchange, which allowed it to raise capital and accelerate its growth. The company also launched a new corporate identity in the same year, which reflected its commitment to innovation and modernization.

During the 1980s, AIA continued to expand its operations in the Asia-Pacific region through a series of strategic acquisitions and partnerships. In 1981, the company acquired the Australian Mutual Provident Society (AMP) in Australia, which marked a major expansion into the Australian market. AIA also established joint ventures with local partners in Malaysia, Indonesia, and Thailand, which allowed it to enter into new markets and offer a wider range of products and services.

In 1983, AIA launched its first unit-linked insurance product, which allowed customers to invest in a range of funds while also providing life insurance coverage. This product innovation was a significant milestone for the company and helped it to meet the changing needs of its customers. AIA opened in South Korea at a pivotal time, in 1987, as the reform era dawned and Seoul prepared to host the Summer Olympics Games.

During the late 1980s, AIA faced a challenging period as a result of the economic downturn in Asia. However, the company remained committed to its customers and employees and continued to invest in its business and expand its operations across the region.

In the early 1990s, AIA expanded its presence in mainland China, opening offices in several major cities and establishing a joint venture with a local partner. This move allowed the company to tap into the rapidly growing Chinese market and to provide financial solutions to a large and growing customer base.

In 1997, AIA became a wholly-owned subsidiary of American International Group (AIG), one of the world's largest insurance and financial services companies. This acquisition provided AIA with access to AIG's global resources and expertise, which helped to accelerate the company's growth and expansion across the Asia-Pacific region.

In December 2009, AIG sold preferred equity interests in two new international life insurance subsidiaries, American International Assurance Company, Limited (AIA) and American Life Insurance Company (ALICO), to the Federal Reserve Bank of New York for $25 billion. AIA had planned to be a listed company in Hong Kong Stock Exchange and Securities and Futures Commission in April 2010. However, in March 2010, Prudential PLC announced that it would buy AIA for $35.5 billion. The purchase later fell through, and AIA held an IPO in October 2010, raising approximately $20.51 billion, which was the world's third-largest IPO ever.

In September 2012, AIA acquired a 92.3% stake in Sri Lankan insurer Aviva NDB Insurance from British insurer Aviva and Sri Lanka's National Development Bank (NDB). AIA also entered into an exclusive 20-year bancassurance agreement with NDB, one of Sri Lanka's largest financial conglomerates with a nationwide bank branch network. In October, AIA acquired ING Group's Malaysian insurance subsidiaries for a cash consideration of €1.336 billion (US$1.73 billion). AIG sold all of its 13.69% shareholding in AIA in December.

Since June 2013, AIA has had an exclusive bancassurance agreement with Citibank that encompasses 11 AIA markets in the Asia-Pacific region, including Hong Kong, mainland China, South Korea, Singapore, Thailand, Malaysia, Indonesia, the Philippines, Vietnam, Australia, and India. As well this year, AIA Group was ranked as the world's largest listed life insurance company, with operations in 18 markets in the Asia-Pacific region and a presence in another five markets, over 230,000 employees, and a network of more than 230,000 intermediaries.

By 2014, AIA Group acquired Commonwealth Bank of Australia's life insurance business in Malaysia, Singapore, Indonesia, and Vietnam, expanding its presence in Southeast Asia and strengthening its leadership position in the region. In 2016, AIA Group launched AIA Vitality, a science-backed wellness program designed to encourage customers to adopt healthy lifestyles and reward them for doing so. In 2017, AIA Group launched its Regional Digital Innovation Lab in Singapore, a hub for the development and deployment of digital solutions across the region.

AIA Group completed the acquisition of Cigna Corporation’s Hong Kong, Macau, Thailand, and Indonesia operations in 2018. They launched AIA HealthShield, a health insurance product designed to provide comprehensive coverage with cost efficiency to customers in Hong Kong. In 2019, AIA Group launched AIA Connect, the first digital financial adviser in the region, offering free financial advice and investment guidance to customers in Hong Kong.

In 2020, AIA Group launched AIA Digital Bank, a digital banking platform in Hong Kong, offering customers online banking services as well as investment tools and products. Next year, AIA Group launched AIA Vitality 360, a comprehensive wellness platform combining lifestyle, health, and financial advice to help customers achieve their health and financial goals.

In 2022, AIA Group launched AIA Vitality Plus, an innovative platform that combines AIA Vitality with AIA’s life insurance products to provide customers with holistic protection and health benefits.

The mission of AIA Group is to play a leadership role in shaping the future of insurance and wealth management in Asia. 

The company is committed to providing its customers with a comprehensive range of quality financial services and products that help them to meet their long-term financial goals. 

AIA's aim is to be a trusted life insurance provider, helping its customers to feel confident about their future and to live life to the fullest. The company is dedicated to serving the needs of its customers and communities while operating with integrity and a strong sense of social responsibility.

AIA Group strives to create places, spaces, and experiences that inspire, advance and foster human potential. "Our Purpose is to help people live Healthier, Longer, Better Lives, in every community in which we live and work, with products and policies that don't just protect lives but help make lives healthier, longer and better.

“Our Vision is to be the pre-eminent life insurance provider in the APAC region.”

AIA Group offers a number of products and services including:

1. Life Insurance
2. Health Insurance
3. Accident & Health Insurance
4. Investment-Linked Insurance
5. Group Insurance
6. Retirement Solutions
7. Education Solutions
8. Savings and Protection Solutions
9. Wealth Management
10. Employee Benefits
11. Financial Planning
12. Corporate Solutions
13. Technology Solutions
14. Bancassurance Solutions
15. Claims Services
16. Wellness Programs