AIA Group Limited ('AIA'; or the 'Company'; stock code: 1299) welcomes its designation effective today as a Designated Insurance Holding Company by the Insurance Authority under Hong Kong's Group-Wide Supervision (GWS) Framework.
AIA fully supports the recently established GWS Framework, which sets out the principles and standards for international insurance groups supervised by the Hong Kong Insurance Authority in a wide range of areas, including enterprise risk management, corporate governance, capital adequacy requirements and public disclosure.
Garth Jones, AIA's Group Chief Financial Officer, said, 'We are very proud to be a Hong Kong-headquartered company and are committed to the long-term future of Hong Kong as an international financial centre and attractive home for insurance groups. We welcome our designation under the GWS Framework, which further aligns Hong Kong's insurance regulatory regime with global standards and further reinforces the continued health and strength of the local insurance industry.'
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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 SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau SAR(2) and New Zealand, 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$326 billion as of 31 December 2020.
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 38 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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