AIA Group has announced that its group chief executive and president, Mr Ng Keng Hooi (see picture), has informed the board of directors of the company of his intention to retire from his executive positions with the company and its subsidiaries, effective 31 May 2020. Mr Ng, 64, assumed these positions on 1 June 2017.
AIA also announced that Mr Lee Yuan Siong has been appointed group chief executive and president designate with effect from 1 March 2020. He will succeed Mr Ng with effect from 1 June 2020.
Mr Lee, aged 54, has more than 30 years of experience in the insurance sector. He was an executive director of Ping An Insurance (Group) Company of China, from June 2013 and served as the company’s co-CEO and chief insurance business officer. Before joining Ping An, Mr Lee held a number of senior leadership positions with Prudential of the United Kingdom, including president of CITIC-Prudential Life Insurance, a life insurance joint venture in mainland China, and he has significant experience across a number of Asian markets including Hong Kong, India, Indonesia, Taiwan, Thailand and Vietnam. He began his career at the Monetary Authority of Singapore. He holds a Master of Finance degree from the University of Cambridge and is a Fellow of the Society of Actuaries (US).
Mr Edmund Tse, AIA’s independent non-executive chairman, said, “Yuan Siong has a strong and proven track record of leadership in our industry and is very well positioned to build on the tremendous work done by Keng Hooi during his term as group chief executive and president. Yuan Siong’s appointment is the result of a rigorous succession process by the board looking for the best candidate to succeed Keng Hooi. We are very excited to welcome Yuan Siong to AIA.
“On behalf of the entire board, I would like to express my sincere thanks to Keng Hooi who has made a substantial and enduring contribution to AIA during his time as group chief executive and president, as well as in his previous role as regional chief executive.”
Mr Tse also said, “The board is pleased that we will have the benefit of Keng Hooi’s continuing guidance and support during the transition process. I am delighted that he has agreed to act as a senior adviser to the board and we all wish him well in his retirement.”
AIA’s main financial metrics have grown materially during Mr Ng’s tenure. Based on the most recently published financial results for the first half of 2019 compared with the first half of 2017 on actual exchange rates, value of new business (VONB) grew by 42% to $2,275m and IFRS operating profit after tax (OPAT) increased by 30% to $2,898m. Embedded Value Equity (EV Equity) increased by 26% to $61.4bn and shareholder dividends increased by 30% over the same period.