AIA current group CEO and president Ng Keng Hooi is set to retire in June this year, after 30 years of experience in the industry. This report represents his final time addressing AIA and its shareholders, and he noted the significant pressures facing many Asian markets in the first quarter of 2020, namely the low interest rate environment and the impact of COVID-19. He said:
“I am proud of the resilience and commitment of our people at this time. Our local businesses in affected areas have been supporting their communities with enhanced benefits and expedited claims procedures as well as practical support on the ground. Our thoughts remain with the families and communities who have been affected by this public health emergency.
“Despite the near-term uncertainty, the strong domestic drivers of demand and major demographic trends in Asia provide positive structural support for the long-term prospects of AIA’s business. The need for AIA’s insurance products will continue to grow given rising incomes, low levels of private insurance penetration and limited social welfare coverage.
“As I approach my retirement later in the year, I am confident that AIA is ideally positioned for future long-term growth. I also know that our success will create significant value for our customers, investors, employees and communities, as it has done for generations.
What truly sets this extraordinary company apart is the depth and quality of our employees, agents and partners, whose tireless work and unrelenting commitment are enabling us to transform how we engage with our customers. They always have been, and always will be, the cornerstone of our success and I offer them my heartfelt thanks.
I have been privileged to lead this remarkable group of people at the end of AIA’s first 100 years and into the dawn of its second century, which I believe holds great potential for Asia and for the Group. I am very pleased to pass the role of Group CEO and president on to Lee Yuan Siong and I am certain that AIA will go from strength to strength under his leadership.”
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