Zurich and AIA to cooperate in the Asian employee benefits market
Hong Kong/Zurich - Zurich Financial Services Group (Zurich) and AIA Group Limited (AIA) today announced that Zurich Employee Benefits Network (ZEBN), a business area of Zurich Global Life, and AIA have agreed to work together in the Asian employee benefits market. The cooperation between ZEBN and AIA will benefit multinational companies with operations throughout Asia and improve their access to comprehensive employee benefit programs.
Gordon Watson, Executive Vice President and Regional Managing Director, AIA said: “We are delighted to work with Zurich Employee Benefits Network and believe that this cooperation will better serve our multinational client base as well as expand our already excellent access to a well-established network among the risk management community.”
“AIA has extensive and deep experience in providing customised employee benefits solutions across Asia, being a pioneer in leveraging its relationships to form the first international network arrangement in 1953. Today, we have more than 10 million participating members of group policies who are benefiting from our expertise and are seeing the benefits from the protection and rewards that AIA is able to offer”, he added.
Theo Lutgendorff, Head of Zurich Employee Benefits Network, said: “Asia is a growth market for many U.S. and European multinational companies and ZEBN’s cooperation with AIA, a leading pan-Asian insurer, enables us to best service the needs of multinational companies and to improve ZEBN’s value proposition in the region for this specific customer group. The cooperation also underscores the growth strategy of Zurich Corporate Life & Pensions.” And he added: “As AIA has historically been the provider of choice for many U.S. multinationals, these companies can now benefit from the value which the cooperation between ZEBN and AIA may bring to them.”
ZEBN and AIA will cooperate in 15 geographies to develop group insurance solutions for multinational companies through the creation, marketing and successful delivery of employee benefit programs. The cooperation will allow AIA to further enhance its services to multinational companies in the region with additional access to the well-established Zurich Employee Benefits Network.
Note to Editors:
Zurich Financial Services Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. It offers a wide range of general insurance and life insurance products and services for individuals, small businesses, mid-sized and large companies as well as multinational corporations. Zurich employs about 60,000 people serving customers in more than 170 countries. Founded in 1872, the Group is headquartered in Zurich, Switzerland. Zurich Financial Services Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt program (ZFSVY) which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
Zurich’s Global Life business segment offers a broad range of life insurance, investments, savings and pension propositions to individuals and groups. Corporate Life & Pensions specializes in providing life and pensions solutions for large employers, having grown this part of the business significantly over the past three years. Global Life is managed globally and focused on customer and distributor needs.
Zurich Employee Benefits Network
ZEBN is a strategic business area of Zurich Corporate Life & Pensions with over 30 years’ experience in the international benefits market. With a presence in now more than 60 countries, ZEBN offers multinational companies comprehensive solutions, such as Multinational Pooling or Employee Benefits Captive Programs on a fully funded basis, to better manage and consolidate their local employee benefits schemes around the globe. By combining the central expertise of a leading corporate insurer with the professional know-how of excellent local insurance carriers, ZEBN enables multinational companies to better meet their needs.
AIA Group Limited and its subsidiaries (collectively “the AIA Group” or “the Group”) comprise the largest independent publicly listed pan-Asian life insurance group in the world, with a broad footprint spanning 15 markets in Asia Pacific. The Group traces its roots in the region back more than 90 years and has total assets of US$107.9 billion.
The AIA Group meets the protection, savings and investment needs of individuals by offering a comprehensive suite of products and services covering accident and health insurance, life insurance and retirement planning. It also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of more than 260,000 agents and over 21,000 employees across Asia Pacific, AIA serves the holders of over 23 million individual policies and over 10 million participating members of group policies.
The Group has operations in Hong Kong, Thailand, Singapore, China, Malaysia, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei and India.
The AIA Group is a market leader in the Asia Pacific region based on life insurance premiums, and holds number one positions in six of its geographical markets. Due to its historical roots in Asia, the AIA Group has built a network of mainly wholly-owned businesses operating as branches or subsidiaries. Only in India, where legislation restricts foreign ownership of insurance companies to 26%, is the Group’s main operating unit a joint venture.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code ’1299’.
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