Hong Kong-based insurance giant AIA Group has decided to move the life insurance business of AIA Company (Brunei branch) to its Singapore unit.
AIA Brunei has been operating in for over 60 years. At present, the Brunei business operates as a branch of Hong Kong’s AIA Company.
The proposed transfer of business is scheduled to be completed by the first week of January next year.
AIA Brunei, however, will continue to operate as a licensed life insurer under the supervision of the Autoriti Monetari Brunei Darussalam.
AIA Singapore CEO Patrick Teow said: “With the transfer, AIA Brunei will be aligned with AIA Singapore’s legal and operational structure, thereby enhancing operational efficiencies.
“This alignment will allow a streamlined approach in the region, so we can focus on better serving our customers’ needs. We remain committed to providing the same quality of services our customers in Brunei have enjoyed.”
AIA Brunei general manager Kenneth Ling said: “The existing terms and conditions of policies issued by AIA Brunei will remain unchanged.
“Policies will be automatically transferred to the new branch and we have notified our existing customers of the transfer.”
In May, AIA revealed plans to invest approximately PHP3bn ($57.87m) in its subsidiary Philippine American Life and General Insurance Co (Philam Life) over the next three years.