By , Published 22nd November, 2018.
AIA New Zealand / Sovereign, New Zealand’s largest life
insurer, will cease overseas recognition trips for advisers beyond 2019. The
decision forms part of a wider review AIA / Sovereign is proactively undertaking
to support good customer outcomes.
Commenting on the decision, AIA New Zealand / Sovereign CEO,
Nick Stanhope says: “Our aim is to ensure our relationship and responsibilities
with advisers remain closely aligned to supporting best practice and promoting
good outcomes for customers.
“As the largest life insurer in New Zealand we take the
responsibility of earning and maintaining the trust and confidence of our
customers very seriously.
“We are actively engaged in the current regulatory reform
process and support the work of the FMA and the Reserve Bank to improve
transparency and to ensure that customers continue to have every confidence in
New Zealand’s life insurance sector,” said Mr Stanhope.
“We have briefed our staff and advisers on the decision. The
reaction has been very encouraging,” he added.
AIA New Zealand / Sovereign will be in a position to apply
its new policy on overseas recognition trips from late-2019. Next year it has
an existing contractual obligation to complete one last overseas recognition
AIA, as one of the world’s largest life insurance companies,
believes that there is significant benefit in giving its advisers the
opportunity to learn from AIA Group best practice. Any additional adviser
travel from 2019 onwards will be limited to education and training programmes
that support our partners in continuing to deliver best in class services for
the benefit of their customers.
About AIA New Zealand / Sovereign
In New Zealand AIA and Sovereign together employ almost 900 people. Since AIA arrived
in New Zealand in 1981, it has consistently provided the market with innovative
personal and business insurance products that suit the Kiwi way of life. In
July 2018, the AIA Group acquired Sovereign, becoming the largest life insurer
in New Zealand. AIA and Sovereign offer a complete range of risk management
products that focus on the needs of customers. The companies are both based in
Auckland, with regional offices in Hamilton, Wellington and Christchurch. Both
companies are members of the Insurance and Financial Services Ombudsman Scheme
and the Health Funds Association of New Zealand. AIA has an insurer financial
strength rating from Standard and Poor’s of AA-. Sovereign has a rating of A+,
from AM Best.
About AIA Group
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.
business that is now AIA was first established in Shanghai almost a century ago
in 1919. 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$221 billion as of 30 June 2018.
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
32 million individual policies and over 16 million participating members of
group insurance schemes.
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”).