AIA Singapore today (30 April) unveiled a wealth strategy and “ambitious plans to be the top insurer in the wealth segment”.
A key part of the strategy sees the launch of its new AIA Wealth Centre, aimed at regional and domestic affluent and high-net-worth (HNW) individuals and families.
The official launch saw Gillian Tan, assistant managing director of the development and international group and chief sustainability officer of Monetary Authority of Singapore, as the guest-of-honour.
Picture above from left to right: Ms. Peggy Quek, CEO, AIA International Wealth, AIA Singapore; Mr. Jacky Chan, Regional Chief Executive and Group Chief Distribution Officer, AIA Group; Mr. Tan Hak Leh, Regional Chief Executive, AIA Group and Chairman of AIA Singapore; Guest-of-Honour Ms. Gillian Tan, Assistant Managing Director (Development and International) and Chief Sustainability Officer of the Monetary Authority of Singapore; Ms. Wong Sze Keed, CEO, AIA Singapore; and Mr. Stuart A. Spencer, Group Chief Marketing Officer, AIA Group, officially launches the AIA Wealth Centre and AIA International Wealth.
AIA Singapore further said its wealth strategy was “a strategic response to the projected surge in Asia’s affluent population, which is expected to grow 61 percent to reach 28.2 million individuals by 2026, compared to 17.5 million in 2021. Singapore is also expected to see its share of this growth, with the number of HNW individuals increasing by 12 percent to 592,000.”
Alongside the rising affluent population, Asia is experiencing significant growth in family offices. Between 2020 and 2022, the number of family offices in Singapore alone almost trebled from 400 to 1100. This trend mirrors the growing need of wealthy individuals and families seeking a more holistic approach towards wealth management and an increased focus on legacy and well-being, the international insurer said.
AIA Wealth Centre, located at Six Battery Road, is a one-stop wealth centre dedicated to offering holistic wealth management services for affluent and HNW customers that is accessible only by invitation. Beyond traditional wealth preservation and accumulation consultation, customers have access to a specialised panel of experts on areas such as legal, tax and trusts.
This multi-disciplinary approach ensures that clients achieve their personal financial goals and well-being aspirations within a holistic framework, it said. It is a strategic investment by AIA Singapore to demonstrate the insurer’s commitment in providing tailored solutions and unparalleled experiences to clients, within an exclusive space.
It added that this commitment to exclusivity reflects AIA Singapore’s “deep understanding of the needs and aspirations of its affluent and HNW clients”.
The company’s initiative was also underpinned by its strong commitment to Singapore’s vision of becoming a premier global financial centre. This strategic focus aims to attract wealth across the region and contribute to Singapore’s economic prosperity, while bolstering Singapore’s position as a trusted, vibrant, and well-regulated financial centre for discerning investors.
Wong Sze Keed, chief executive officer, AIA Singapore, said: “The launch of AIA Wealth Centre and AIA International Wealth, demonstrates our commitment to our wealth strategy as we reaffirm our strategic focus to be the pre-eminent insurer to address the needs of the growing affluent and HNW client segment in Singapore as well as across the region.
“What differentiates us is, we are backed by more than 100 years of legacy and leadership focusing across 18 pan-Asian markets, where we have the benefit of collective knowledge and expertise of the AIA Group. Our deep understanding of the Asian wealth market is enhanced by AIA Investments’ strong capabilities and opportunities to invest globally through the world’s finest fund managers.
As Asia’s wealth landscape flourishes, we are fortuitously located in Singapore with its remarkably advanced infrastructure and regulatory framework, and at the forefront of providing affluent and HNW individuals and families with bespoke solutions to ensure wealth generation and inter-generational wealth transfer.”
AIA International Wealth, a wholly-owned subsidiary of AIA Singapore leverages on the strengths of Singapore as a trusted financial hub, focused on helping the affluent and HNW customers to grow and manage their wealth. This is delivered through a specially curated suite of insurance solutions, tapping onto AIA’s longstanding heritage in wealth management and insurance expertise to better cater to customers’ specific financial needs.
Established in 1931, AIA Singapore has been part of the Singapore transformation story, evolving to a first world nation and thriving across generations. AIA Wealth Centre symbolises AIA’s commitment in helping our affluent and HNW customers create legacy that transcends across generations through its “Wealthbeing” philosophy. The centre’s experience embodies AIA’s “Wealthbeing” theme and pays tribute to the strength and resilience of Singapore, as it grew to be a premier wealth and health hub today.
Commemorating the grand opening and as part of AIA Singapore’s environmental, social and governance (ESG) commitment to create a more sustainable society for our customers and community, the company commissioned local artist, Natalia Tan, where sustainability is at the core of her practice to create an art installation, made with various types of recycled and sustainable materials.
To showcase that success is a collaborative process, invited guests at the launch event contributed to the creation of the tapestry artwork through an engaging and interactive experience guided by Natalia.
The co-created art installation, completed during the launch, will also be permanently featured as part of AIA Wealth Centre’s art collection, amongst many others from esteemed Singaporean artists such as Lim Tze Peng, Low Puay Hua and Vincent Chua.
“These art pieces embody the “Wealthbeing” theme, effectively showcasing AIA Singapore’s commitment to support the holistic well-being and wealth goals of their clients”, AIA Singapore concluded.
AIA Group Limited and its subsidiaries 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, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR, and a 49% joint venture in India.
In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.
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$286bn as of 31 December 2023.
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 42 million individual policies and over 18 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong.
