AIA Australia “is not for sale”, says Tucker
AIA Group has refuted speculation that its Australian operation is for sale.
The announcement followed reports in the Herald Sun on Friday that NAB was interested in acquiring AIA Australia. The speculation started after the Australian Competition and Consumer Commission (ACCC) knocked back NAB’s revised bid for AXA Asia Pacific.
AIA Group executive chairman and chief executive officer designate, Mark Tucker, stated that AIA Australia “is not for sale”, adding that the group has invested strongly in successfully positioning AIA Australia to take advantage of the underinsurance “opportunity” in the Australian market.
“This is an exciting time for the whole AIA Group including AIA Australia,” said Tucker.
“AIA Australia has built a solid market position, has a sound strategy and continues to make a significant contribution to the overall AIA Group.
“We have a strong commitment to the life risk community in Australia and intend to continue to offer best in class solutions for our clients by developing leading life risk solutions for the benefit of all Australians.”
Tucker added that the AIA Group would continue to support its Australian business to realise its full potential by continuing to invest in the group insurance, independent financial advisers, partner distribution and direct channels.
There has been speculation that AIA Group’s US parent, AIG, would sell off its Asian business since its near collapse during the global financial crisis, when it was bailed out by the US Treasury.
Recommended for you
Insignia Financial intends to be the leading wealth manager by 2030 as it moves away from acquisitions to achieve $200 million in cost savings per annum over the next five years.
Count chief executive Hugh Humphrey is keen for the firm to be a leader in the new world of advice as the industry generates valuable businesses post-Hayne royal commission.
Four individuals, including three senior staff from Canaccord Genuity, have collaborated to launch their own Western Australian wealth management firm.
Thematic ETFs are beginning to gain ground among advisers seeking to enhance portfolio diversification and tap into specific growth themes, according to leading ETF providers.
