In a dramatic revelation of its new brand name, the company earlier known as AVIVA NDB Insurance became AIA Insurance Lanka overnight last week. AIA is one of Asia’s leading insurers ranking world’s fifth largest by market capitalisation.
The introduction of the new name in Sri Lanka meant an unmistakable change at the company’s head office and branch offices spread across the country. The change of corporate brand from AVIVA NDB to AIA was a major milestone in the company’s history spanning 25 years.
The transformation was evident at the head office in Colombo at No. 75 Kumaran Ratnam Road Colombo 2, and at the 57 branch offices and 15 area development offices dotting the country.
The distinctive AIA signature has become a familiar sight and the company is now poised to introduce the Asian insurance giant to the people of Sri Lanka.
AIA across Asia displays a skyline silhouette of a major landmark from each of its markets in the group’s internal communication material and now the familiar octagonal image of the Temple of the Tooth has been included in the panel of Asia’s famous icons.
Managing Director Shah Rouf said: “This is a proud and obvious conclusion, becoming a part of the AIA group and the financial and corporate strength that it brings for our customers.”
Marketing and Bancassurance General Manager Amal Perera added: “Our transformation into AIA is an important milestone in our brand journey, injecting the business with the strength that comes with AIA’s long and extensive experience in the Asian region. The Group’s ample knowledge of the Asian market will be invaluable in taking our business forward.”
The brand change had been anticipated since the acquisition of AVIVA NDB Insurance by the Asian insurance giant, AIA, was first announced in September last year. AIA’s Group Chief Executive and President Mark Tucker visited Sri Lanka and held a media conference to affirm AIA’s commitment to make the country its 16th market.
In December, AIA completed the US$ 109 million acquisition of a 92.3% stake in the Company.
AIA Group is the largest independent publicly listed pan-Asian life insurer operating in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei and India in addition to its newest shareholding in Sri Lanka.
AIA holds market leading position in 13 out of its 16 markets, and has strong historic roots in Asia as it was first established in Shanghai over 90 years ago.
The Group’s total assets as at 31 May 2012 were US$ 119 billion.
AIA meets the savings and protection needs of individuals by offering a range of products and services through an extensive network of agents and employees across Asia Pacific.
AIA serves the holders of more than 24 million individual policies and over 10 million participating members of group insurance schemes.