AIA enhances Pan-Asian leadership through exclusive long-term bancassurance deal with Citibank
Friday, 20 December 2013 00:01
AIA Group Limited (AIA) and Citibank N.A. (Citibank) have reached agreement on a landmark exclusive bancassurance partnership that encompasses 11 markets in the Asia-Pacific region.
The markets included in the agreement are: Hong Kong, Singapore, Thailand, China, Indonesia, Philippines, Vietnam, Malaysia, Australia, India and Korea.
The exclusive distribution agreement is for a 15-year period. The partnership involves all retail distribution channels, including branches, telemarketing and online channels. It covers both retail and group life insurance product areas, providing access to Citibank’s corporate clients and approximately 13 million existing retail cardholders and banking customers in the 11 markets.
AIA Group Chief Executive and President Mark Tucker said: “This highly attractive distribution agreement further consolidates AIA’s leading position in Asia’s fast growing life insurance markets and significantly enhances our bancassurance platform alongside our long-established and market leading agency channel.
“Our new long-term partnership provides exclusive access to Citibank’s extensive regional distribution network. It will enable AIA to apply our in-branch sales expertise, leading point-of-sale technology and broad product range with the objective of considerably increasing the life and health insurance penetration of Citibank’s large retail and commercial customer base across Asia.”
Citi Asia Pacific CEO Stephen Bird said; “As Asia’s leading retail bank, our customers have come to rely on us to deliver world class products and services that offer value to them. By partnering with one of the world’s leading insurance companies, we will be able to offer our customers access to high quality, tailored life insurance products and services that offer them protection suited to their needs. We are excited by the opportunities that this partnership offers and we look forward to working further with AIA across our network in Asia.”
Tucker further commented: “This long-term agreement is a natural fit for both AIA and Citibank to create value for our customers, employees and shareholders through a demonstrated commitment to the future growth and development of the Asia-Pacific region.”
The new partnership arrangements will be implemented in each local territory during the course of 2014.