By , Published 27th November, 2018.
AIA has announced that following its acquisition of Sovereign in July
2018, its combined New Zealand business will operate under the AIA brand. The
process of rolling out the AIA brand will begin later this year and will be
completed in 2019.
The AIA Group, which was founded in 1919, is a pan-Asian life insurance
group, and one of the largest life insurance companies in world. It has a
presence in 18 markets across the Asia-Pacific region, and services the holders
of 32 million individual policies, and over 16 million members of group
insurance schemes. AIA New Zealand has been providing innovative life and
personal insurance products, and group insurance schemes, since 1981.
In 2018, AIA launched a new brand promise: Healthier, Longer, Better
Lives. The single, purpose-led brand promise is an accurate and up-to-date
reflection of what AIA stands for – and why it does what it does as a company.
Damien Mu, who heads up Australia and New Zealand for AIA, said: “AIA is
a hugely recognised and respected brand in the region and we are excited to be
adopting the AIA brand across our combined New Zealand business in 2019.”
“The recent acquisition of Sovereign, which is a world class business,
has transformed AIA’s scale and reach enabling us to become the largest life
insurer in New Zealand. This puts us in a unique position to address the
nation’s significant insurance gap. AIA is committed to helping make New
Zealand one of the healthiest and most protected nations in the world. We will
do this as a customer-centric organisation that delivers valued insurance
propositions to our customers. These include AIA Vitality, which will be
launched in New Zealand in the near future, and AIA’s established rehabilitation
and return to work programmes, both of which are helping people live healthier,
longer, better lives,” Mu concluded.
AIA Vitality is AIA’s market-leading science-based health and wellness
programme, offering members the knowledge, tools and motivation they need to
improve their health, while enjoying lower premiums and other rewards. AIA
Vitality is now in 10
of AIA’s markets with nearly a million members including those of AIA’s
wellness programme in China. AIA will be the first and only insurer to
offer the programme in New Zealand.
Zealand CEO Nick Stanhope added: “I’m confident that AIA Vitality will prove a
game changer in our market, changing the conversation about life insurance and
New Zealander’s lifestyle choices, in general, from ‘what if something bad
happens?’ to ‘how can I improve my health, wellness and wellbeing?’”
“That work has already begun in earnest with the New Zealand’s
Healthiest Schools Challenge, which finished last week. This year the Challenge
involved an amazing 55,000 Kiwi kids, as well as their families, helping them
form healthy habits that we hope will last them a lifetime,” he
While the Sovereign brand will be phased out, both AIA’s and Sovereign’s
products and services will remain fully serviced according to the terms and
benefits already in place for customers. These products will continue to
be available to customers through AIA’s valued partnership with ASB with whom
it has a 20-year distribution agreement, as well as a network of independent
financial advisers, which AIA and Sovereign have worked with for over 25 years
in New Zealand.
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
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 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.
The 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
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-Pacific, AIA
serves the holders of 32 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”).