DOCSLIB.ORG

AIA Group ADD (No Change)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AIA Group ADD (No Change) HIGH CONVICTION Company Note Insurance - Life │ Hong Kong │ July 10, 2020 Insert Insert Hong Kong AIA Group ADD (no change) Consensus ratings*: Buy 25 Hold 3 Sell 1 The importance of being connected Current price: HK$75.10 ■ We think one of AIA’s next share price triggers could be a near-term Target price: HK$84.00 announcement of an Insurance Connect as part of the GBA project. Previous target: HK$80.00 ■ We believe the first stage of this connect is likely to be sales and service Up/downside: 11.9% centres in the GBA, which could help persistency ratios and raise mindshare. CGS-CIMB / Consensus: -1.7% ■ The second stage, which we think will be much later, could see customers Reuters: 1299.HK being permitted to buy cross-border insurance within their own regions. Bloomberg: 1299 HK ■ Reiterate Add. Our TP is raised slightly to HK$84 as we roll forward our Market cap: US$117,160m valuation and factor in the changes to EPS, EV and VONB. HK$908,004m Average daily turnover: US$272.5m HK$2,109m The fourth of the ‘Connect’ programmes Current shares o/s: 12,089m Following the implementation of Stock Connect and Bond Connect, and the recent Free float: 100.0% announcement of a Wealth Management Connect programme, we expect a near-term *Source: Bloomberg announcement of an Insurance Connect programme within the Greater Bay Area (GBA). We see this as benefitting HK insurers such as AIA. Key changes in this note FY20F EPS raised by 11.3%. Insurance Connect: Implementation in two stages FY21F EPS cut by 2.4% We expect the first stage to be the setting up of post-sales service centres, and in the FY22F EPS cut by 1.2%. second stage (to be implemented later in the future) customers would be permitted to buy cross-border insurance policies within their own regions. A key benefit of the first stage is Price Close Relative to HSI (RHS) that there is less chance of lapses of insurance policies bought previously by mainland 87.0 104.0 Chinese visitors (MCV) in HK, as the ratio of policyholders paying by methods other than 77.0 100.0 bank transfer has picked up in recent years. Another key benefit is a potential increase in 67.0 96.0 mindshare and awareness of the HK insurance policies among GBA residents; this could 57.0 92.0 100 set the stage for a rebound in MCV insurance sales in HK in a post Covid-19 era. 50 Two other potential re-rating triggers Vol m Vol Jul-19 Oct-19 Jan-20 Apr-20 1. The announcement of regulatory approval for AIA to open in new provinces within Source: Bloomberg mainland China (we think up to two new provinces a year). We continue to believe that AIA’s new CEO could help facilitate greater expansion into mainland China, historically its Price performance 1M 3M 12M fastest growth market for value of new business (VONB) and also its largest market by Absolute (%) 2.2 4.9 -9.9 Relative (%) -0.5 -1 -1.1 VONB, given his deep experience and understanding of this region. This should be easier as it is subsidiarising its China operations. 2. When a travel bubble is eventually Major shareholders % held announced between HK, Guangdong and Macau, it could be the start of a pickup of MCV Citigroup 9.0 buying insurance in HK. This segment accounted for half of AIA’s HK VONB in 1H19. Changes made to EPS, EV and VONB; TP raised slightly to HK$84 Insert We adjust our FY20-22F EPS, embedded value (EV) and VONB to reflect recent strong equity markets. The Covid-19 outbreak has also lasted longer than initially expected. We roll forward our valuation by half a year to compute target prices based on 1H21F EV. Potential re-rating catalysts are a VONB growth turnaround and future China expansion. Risks: currency volatility and a prolonged Covid-19 outbreak that is worse than expected. Financial Summary Dec-18A Dec-19A Dec-20F Dec-21F Dec-22F Analyst(s) Gross Premium (US$m) 38,455 38,368 39,414 44,655 50,491 Investment And Other Income (US$m) Net Premium (US$m) 32,222 32,896 33,792 38,286 43,290 Net Profit (US$m) 3,163 6,648 4,116 7,045 8,066 Normalised EPS (US$) 0.26 0.55 0.34 0.58 0.67 Normalised EPS Growth (48%) 110% (38%) 71% 14% FD Normalised P/E (x) 36.99 17.61 28.47 16.65 14.56 P/NB (x) 15.37 13.28 16.49 11.27 7.82 Michael CHANG, CFA DPS (US$) 0.16 0.16 0.17 0.20 0.23 Dividend Yield 1.63% 1.67% 1.80% 2.06% 2.35% T (852) 2539 1323 P/EV (x) 2.15 1.89 1.91 1.71 1.54 E [email protected] P/BV (x) 3.00 2.04 1.96 1.82 1.67 Jasmine CHIN ROE 7.8% 13.8% 7.0% 11.3% 12.0% T (852) 2539 1127 % Change In Normalised EPS Estimates 11.3% (2.4%) (1.2%) E [email protected] Normalised EPS/consensus EPS (x) 0.81 0.96 1.00 SOURCES: CGS-CIMB RESEARCH, COMPANY REPORTS IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. IF THIS REPORT IS DISTRIBUTED IN Powered by the THE UNITED STATES IT IS DISTRIBUTED BY CGS-CIMB SECURITIES (USA), INC. AND IS CONSIDERED THIRD-PARTY AFFILIATED RESEARCH. EFA Platform Insurance - Life │ Hong Kong AIA Group │ July 10, 2020 The importance of being connected We expect an announcement of an Insurance Connect programme in the GBA soon We believe a near-term trigger for AIA’s share price could be an announcement by policymakers about the introduction of an Insurance Connect programme in the Greater Bay Area (GBA), the region encompassing Hong Kong, Guangdong and Macau. We expect the first stage to be the setting up of post-sales service centres, and that the second stage, to be implemented sometime in the future, would enable customers to buy cross-border insurance policies within their own regions. A key benefit of the first stage is that there would be less chance of lapses of insurance policies bought previously by mainland Chinese visitors (MCV), given that the ratio of policyholders paying by options other than bank transfer seemed to have picked up in recent years (we believe it was over 90% in mid-to-late 2016). Another key benefit is a potential increase in mindshare and awareness of HK insurance policies among GBA residents, which could set the stage for a rebound in MCV insurance sales in HK, in a post Covid-19 era This Insurance Connect would follow the previous implementation of Stock Connect and Bond Connect, and the recent announcement of a Wealth Management Connect programme. We do not believe the Wealth Management Connect programme would involve the full array of insurance products, at least not likely the participating insurance products that seem to be popular among MCV that buy insurance in HK. At most, we think there is a possibility that the only life insurance products that Wealth Management Connect could include are investment-linked products, which are a type of products that are not that popular in either mainland China or in Hong Kong. More details on the Insurance Connect in the GBA The Insurance Connect in the Greater Bay Area (GBA), which includes Guangdong, Macau and Hong Kong, has been under discussion since early- 2019. The Insurance Connect is expected by the authorities to be another critical part of the financial connection mechanism within the GBA under the national plan of the GBA development. We believe the most likely implementation of the Insurance Connect in the near term will be the setting up of an insurance post- sales service centre in the Qianhai district of Shenzhen, which will allow brokers to provide insurance services. We think policyholders will also be able to file claims as well as pay renewal premiums at this location. We use the Stock Connect, the Bond Connect and the most recent Wealth Management Connect as benchmarks to estimate that an official announcement of the Insurance Connect with detailed designing can be expected in late-2020F or early-2021F, following the official launch of the Wealth Management Connect. In addition, the CEO of Hong Kong Insurance Authority (HKIA), Clement Cheung during an interview with Hong Kong Economic Times on 29 Jun 2020 said that some positive news on the Insurance Connect can be expected soon. He also stated that a successful launch of the Wealth Management Connect will help to accelerate the launch of the Insurance Connect. Some investors have expressed concerned to us that AIA’s China business could be under threat, if it becomes easier to buy HK insurance products within mainland China via the Insurance Connect. We are not concerned as we see little threat of such a substitution effect for AIA China and AIA HK. This is because we believe that customers from mainland China have different needs, and reach out to AIA China and AIA HK for different reasons. This can be seen from the fact that the mainland China business of AIA sells a high proportion of critical illness products. On the other hand, 2 Insurance - Life │ Hong Kong AIA Group │ July 10, 2020 participating insurance products (which have a higher savings component and generate lower margins) tend to comprise a larger proportion of AIA HK’s business.
Load more

Recommended publications
  • Group Life Insurance Product Information Booklet
    GROUP LIFE INSURANCE PRODUCT INFORMATION BOOKLET July 2021 aia.com.au GROUP LIFE INSURANCE PRODUCT INFORMATION BOOKLET | About AIA Australia About AIA AIA Australia is a leading life insurance specialist with over AIA Group Limited and its subsidiaries (collectively “AIA” 48 years’ experience and a commitment to help Australians or the “Group”) comprise the largest independent publicly live healthier, longer, better lives. In 2014 the company listed pan-Asian life insurance group. It has a presence in launched AIA Vitality, a world leading, science-based health 18 markets across the Asia-Pacific region – whollyowned and wellbeing program, to the Australian market. In July branches and subsidiaries in Hong Kong SAR, Thailand, 2017, AIA and its partners launched AIA’s health insurance Singapore, Malaysia, Mainland China, South Korea, the business, now known as AIA Health Insurance. Philippines, Australia, Indonesia, Taiwan (China), Vietnam, New Zealand, Macau SAR, Brunei, Cambodia, Myanmar, and a In 2021, CommInsure Life was integrated into AIA Australia. 49 per cent joint venture in India. The lives of more than 3.8 million Australians are protected and enhanced through AIA Australia’s unique value proposition The business that is now AIA was first established in of life, health and wellbeing. Our vision is to embrace shared Shanghai a century ago in 1919. It is a market leader in value in championing Australia and New Zealand to be the the Asia-Pacific region (ex-Japan) based on life insurance healthiest and best protected nations in the world. premiums and holds leading positions across the majority of its markets. It had total assets of US$326 billion as of AIA Australia has been recognised with multiple awards, 31 December 2020.
    [Show full text]
  • Ethics Agreement in Order to Avoid Any Financial Conflict
    Date: 7 .-e-•15 Iett..% 1--4 17 MEMORANDUM FOR THE RECORD SUBJECT: Ethics Agreement In order to avoid any financial conflict of interest in violation of 18 U.S.C. § 208(a) or the appearance of a financial conflict of interest as defined in the Standards of Ethical Conduct for Employees of the Executive Branch, 5 C.F.R. § 2635.502, and to adhere to the Ethics Pledge instituted by Executive Order 13770 issued on January 28, 2017, and entitled "Ethics Commitments by Executive Branch Appointees" (the Ethics Pledge), I am issuing the following statement. I understand that as an appointee I must sign the Ethics Pledge and that I will be bound by the requirements and restrictions therein even if not specifically mentioned in this or any other ethics agreement. Before beginning my covered Federal position, I resigned from my non-Federal positions with the Association of State and Territorial Health Officials (ASTHO) and the State of Georgia on July 6, 2017. Pursuant to the Ethics Pledge, I will not, for a period of two years from the date of my appointment to my covered Federal position, participate in an official capacity in any particular matter involving specific parties that is directly and substantially related to ASTHO, unless an exception applies or I am granted a waiver. I understand that this provision in the Ethics Pledge does not apply to state government entities, including the State of Georgia. Even when the two-year restriction of the Ethics Pledge does not apply, under 5 C.F.R. § 2635.502, I will not, for a period of one year from the date of my resignation from ASTHO and the State of Georgia, participate in any particular matter involving specific parties in which ASTHO or the State of Georgia is a party or represents a party, unless I am first authorized to participate, pursuant to 5 C.F.R.
    [Show full text]
  • ESG Report 2020”)
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 2020 STOCK CODE 1299 AIA GROUP LIMITED 友邦保險控股有限公司 AIA GROUP LIMITED | Environmental, Social and Governance Report 2020 CONTENTS CONTENTS 1 2020 ESG AT-A-GLANCE 16 Health and 52 People and Culture 3 Chairman’s Statement Wellness 2020 ESG 55 Developing Our People AT-A-GLANCE 6 Statement from Group 18 Engaging and Inspiring 58 Diversity and Inclusion Chief Executive and Healthy Living CHAIRMAN’S 60 A Risk-aware Culture STATEMENT President Greater Access to 21 61 Recognising and Quality Care Rewarding Our People STATEMENT FROM 23 Champion Financial GROUP CHIEF 9 About This Report 66 SUPPLEMENT: EXECUTIVE AND Inclusion Supporting Our PRESIDENT 9 Who We Are 25 Delivering Better Health Employees During Outcomes COVID-19 ABOUT THIS 10 Our Purpose REPORT 11 Our ESG Strategy 30 SUPPLEMENT: Supporting Our HEALTH AND 14 Our Material Issues Communities Through 67 Effective WELLNESS 15 Our Approach to COVID-19 Governance ESG Reporting GREEN 69 Board Governance OPERATIONS 35 Green Operations 70 Effective Risk SUSTAINABLE Management and INVESTMENT 37 Digital Transformation Responsible Business 37 Encouraging Good Practices PEOPLE AND CULTURE ESG Practice 77 Promoting ESG Best 38 Green Buildings Practice EFFECTIVE 40 Reducing our Carbon 78 ESG Ratings and Index GOVERNANCE Footprint Inclusions OUR TCFD REPORT FEEDBACK 41 Sustainable 80 SUPPLEMENT: Our Investment TCFD Report GRI AND HKSE GUIDE CONTENT 43 ESG Engagements 81 Governance of Climate INDEX 46 ESG Training and Change Risks and Development Impacts 48 Broadening
    [Show full text]
  • Q1 2020 Building Sustainable Shareholder Value Business Overview
    Q1 2020 Building Sustainable Shareholder Value Business overview Update in light of COVID-19 Business group results & highlights Capital management Asset portfolio Sustainability 2 A $26.51 billion leading global financial services organization Offices in 40,600 Employees 125,900 advisors 27 markets 2 2 2 Operating through a balanced and diversified model and focused on creating shareholder value now and in the future SUN LIFE • Q1 2020 1 Market capitalization in C$ as at March 31, 2020 3 2 As at December 31, 2019. Includes Asia joint ventures The Sun Life story • A diversified business model, with four strong pillars that can each compete, win and grow in their respective sectors and which leverage each other • Bound together by a strong balance sheet and risk culture, including no U.S. Variable Annuity or U.S. Long-Term Care • Digital transformation that is deeply embedded throughout the organization • Building on momentum created by past organic investments and acquisitions that will help drive earnings growth SUN LIFE • Q1 2020 4 Executing on our ambition to be one of the best insurance and asset management companies globally A Leader in Insurance and A Leader in U.S. Wealth Solutions in our CAN US Group Benefits Canadian Home Market A Leader in Asia A Leader in Global AM ASIA through Distribution Asset Management Excellence in Higher Growth Markets Each pillar Top quartile Disproportionate Top quartile total viewed as a Client share of top shareholder leader experience talent return SUN LIFE • Q1 2020 5 Consistently delivering value to shareholders 5-year total shareholder return1 Progress on medium-term objectives March 31, 2020 Sun Life 6.9% Medium-term objective Q1 2020 TSX 0.9% Underlying ROE2 12-14% 14.2% Canadian lifecos 0.0% Underlying EPS growth2 9% Global lifecos (1.2)% 8-10% Dividend payout ratio2 U.S.
    [Show full text]
  • Ng Keng Hooi to Retire As AIA Group Chief Executive and President to Be Succeeded by Lee Yuan Siong from 1 June 2020
    This announcement is for information purposes only and does not constitute an invitation or offer by any person to acquire, purchase or subscribe for securities. This announcement is not, and is not intended to be, an offer of securities of the Company for sale in the United States. The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the U.S. Securities Act. There is not, and is not intended to be, any public offering of the securities of the Company in the United States. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Ng Keng Hooi to retire as AIA Group Chief Executive and President To be succeeded by Lee Yuan Siong from 1 June 2020 HONG KONG, 22 November 2019 – AIA Group Limited (“AIA” or the “Company”) announces today that its Group Chief Executive and President, Ng Keng Hooi, has informed the Board of Directors of the Company (the “Board”) of his intention to retire from his executive positions with the Company and its subsidiaries (the “Group”) effective 31 May 2020.
    [Show full text]
  • INSURANCE AGENT of the YEAR Joyce Chan Prudential Assurance Company, Singapore
    5th Asia Trusted Life Agents & Advisers Awards 2020 The Winners Organisers Co-Organiser Strategic Partner Organisers Co-Organiser Strategic Partner Supporting Organisations CONTENTS 21 27 Bank Partner Insurance Agency of the Year Leader of the Year 2 22 28 Messages Digital Agency Insurance Agent Leader of the Year of the Year 6 23 29 The Judges InsurTech of the Year Young Executive of the Year 18 24 30 Rookie Insurance Agent Digital Transformation Insurance Company of the Year of the Year of the Year 19 25 31 Rookie Insurance Agency Inspirational Agency Executive Champion Leader of the Year Leader of the Year of the Year 20 26 37 Financial Adviser Lifetime Achievement The Finalists of the Year Award 1 5th Asia Trusted Life Agents & Advisers Awards 2020 MESSAGE-PATRON Going from strength to strength s the Founding Patron of the Asia Trusted Life Agents & Advisers Insurance is still fundamentally all Awards, I am delighted to see them continue to go from strength to about making promises to people. strength in their fifth year, in spite of the many challenges we are facing The true value of agents and advisers as a result of COVID-19. comes in the way that they combine A the use of exciting new technologies As the focus shifts towards rebuilding and repairing economies, financial with excellence in customer service. services generally – and our industry specifically – will play a leading role. The For many, they are the human face requirement for long-term capital and need to manage new kinds of risk clearly of our promises – and their ability play to our industry’s strengths – but we will also need to adapt to the new to build trusted relationships with normal.
    [Show full text]
  • Manulife's Investor Day 2017 in Hong Kong-Slides-Day 1
    June 21, 2017 Hong Kong Agenda Time Speaker Presentation 9:05 am Donald Guloien Delivering on commitments, driving shareholder value & preparing for the future 9:20 am Roy Gori A compelling opportunity and clear priorities to win 9:40 am Steve Roder Commitment to shareholder value creation 10:10 am Q&A Session 10:45 am Roy Gori & Phil Witherington Executing on our Asia opportunity 11:30 am Q&A Session 11:55 am Various Labs 12:25 pm Lunch with Guest Speaker 1:40 pm Linda Mantia Driving Customer Centricity and Innovation 2:10 pm Q&A Session 2:25 pm Various Labs 3:05 pm Kai Sotorp A global wealth and asset management platform with solid growth momentum 3:35 pm Q&A Session 3:50 pm Various Labs Caution regarding forward-looking statements From time to time, MFC makes written and/or oral forward-looking statements, including in this presentation. In addition, our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the “safe harbour” provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements in this presentation include, but are not limited to, statements with respect to demographic and market trends and their expected benefit, core ROE expansion over the medium term and the drivers of such expansion, our expected dividend payout ratio, annual core earnings per share growth over the medium term and dividend growth over time. The forward-looking statements in this presentation
    [Show full text]
  • Aia Group Adds Paul Groves to Its Leadership Team As Group Chief Marketing Officer
    AIA Group Limited 35/F AIA Central 1 Connaught Road Central Hong Kong T: (852) 2832 1800 F: (852) 2572 4695 AIA.COM Media Release Contact: Patricia Chua/Emerald Ng +852 2832 1366/+852 2832 4720 AIA GROUP ADDS PAUL GROVES TO ITS LEADERSHIP TEAM AS GROUP CHIEF MARKETING OFFICER HONG KONG, 3 DECEMBER 2010 – AIA Group Limited, (“AIA”; stock code: 1299), the world’s largest independent listed pan-Asian life insurance group, announced the appointment of Paul Groves as Executive Vice President & Group Chief Marketing Officer effective 12 January 2011. Mr. Groves will be joining AIA from MetLife International (previously ALICO) where he was most recently Senior Vice-President, Head of International Marketing and Direct to Consumer channel including oversight for 125 marketing colleagues across 65 countries. Prior to MetLife, he was Chief Marketing Officer, UK & Ireland for GE Money, and had spent another 27 years with Barclays and Barclaycard in the UK, including Channel Strategy & Management Director for Retail Banking, Head of Customer Retention and Marketing Communications Director. Mr. Mark Tucker, AIA Group Executive Chairman & Chief Executive Officer said: “Paul joins us with almost 30 years of marketing experience in financial services – experience that is very focused on the delivery of results and creation of shareholder value. The breadth and depth of Paul’s experience makes him an extremely valuable addition to my leadership team. He will oversee AIA Group’s strategic marketing functions with the ultimate goal of helping AIA attract and retain customers.” Mr. Groves, who will be based in Hong Kong, will be in charge of the Group’s marketing functions including development of overall marketing strategy and planning, communications and branding, product management, business intelligence, customer value group and digital marketing, as well as providing leadership support to AIA’s country marketing operations.
    [Show full text]
  • AIA Completes the Acquisition of ING Malaysia 18 December 2012
    AIA Group Limited 35/F AIA Central 1 Connaught Road Central Hong Kong T: (852) 2832 1800 F: (852) 2572 4695 AIA.COM Media Release AIA Completes the Acquisition of ING Malaysia HONG KONG, 18 December 2012 – AIA Group Limited (“AIA” or the “Group”) announced today that it has successfully completed the acquisition of ING Management Holdings (Malaysia) Sdn. Bhd. (“ING Malaysia”) following receipt of the required regulatory approvals. ING Malaysia is the third largest insurer in Malaysia, serving more than 1.6 million customers and offering a suite of products including life, general, employee benefits as well as Takaful insurance products through a joint venture. The combined business will transform AIA’s scale and reach to become the market leader in the fast-growing and highly profitable Malaysian life insurance market. Mark Tucker, AIA’s Group Chief Executive and President, said, “We are delighted to have completed the acquisition before the end of 2012. As we said at the time of announcement in October, the acquisition of ING Malaysia represents a highly attractive opportunity with compelling strategic and financial benefits for AIA. With a combined customer base of over 2.6 million people, approximately 16,600 agents and an exclusive bancassurance relationship with one of Malaysia’s leading banking organisations, our enlarged business in Malaysia represents a very powerful proposition that will result in a positive outcome for our shareholders, customers, employees and agents.” In November, AIA announced that it had appointed Bill Lisle, AIA’s Group Chief Distribution Officer, to lead the integration of ING Malaysia with AIA’s business in Malaysia, reporting to Ng Keng Hooi, Regional Chief Executive.
    [Show full text]
  • Metlife Proxy Statement 2018
    MetLife, Inc. 200 Park Avenue, New York, NY 10166 April 26, 2018 Fellow Shareholders: I am writing to you for the first time in my role as MetLife’s Lead Director to share the Board’s perspective on MetLife’s performance in 2017 and how the Company is progressing with its ongoing transformation. As Directors, we are responsible for ensuring the Company’s business strategy is sound and management is executing it effectively. We plan for the Company’s future by evaluating management talent against anticipated needs and we play the unique role of acting as advocates for shareholders to ensure your interests are represented in all major decisions affecting MetLife. The feedback the Board received from shareholders during 2017 has proven invaluable as we continue to focus on creating value for shareholders. MetLife made important progress last year in several areas. The Brighthouse Financial separation opened a new chapter in MetLife’s history. As the Company focuses on less capital-intensive businesses with greater cash-generating potential, it has the opportunity to change how it is viewed and valued by investors. MetLife achieved a ratio of Core Free Cash Flow to Core Adjusted Earnings of 75 percent last year, hitting the top end of the Company’s projected range. This made it possible to return a record $4.6 billion to shareholders through share repurchases and dividends. In January, MetLife won its long-running legal battle to remove the Company’s Systemically Important Financial Institution (SIFI) designation when the federal government dropped its appeal of the court ruling in our favor.
    [Show full text]
  • Key Actuarial Employers in Hong Kong – 2020
    KEY ACTUARIAL EMPLOYERS IN HONG KONG – 2020 A.M. Best Asia-Pacific Ltd Suite 4004, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Tel: (852) 2827 3400 Website: http://www.ambest.com/about/ http://www.ambest.com/careers/index.html Accenture Suites 4103-10, 41/F One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong Tel: (852) 2850 8956 Website: https://www.accenture.com/hk-en https://www.accenture.com/hk-en/careers/jobsearch?jk=&sb=1 Actuarial Group 35/F Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Tel: (852) 3960 6576 Website: https://www.actuarial.pt/ https://actuarial.pt/ing/recrutamento.php Aegon Insights Suites 5705-5708, One Island East, 18 Westlands Road, Island East, Hong Kong Tel: (852) 3655 8228 Website: https://www.aegon.com/home/ https://careers.aegon.com/en/vacancies/?page=1&query=&Countries=Countries-Hong-Kong Ageas Insurance Company (Asia) Limited 27/F, Cambridge House, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong Tel: (852) 2126 2280 Website: https://www.ageas.com/ https://www.ageas.com/careers AIA Company Limited 18/F, AIA Hong Kong Tower, 734 King's Road, Quarry Bay, Hong Kong Tel: (852) 2832 8888 Website: https://www.aia.com.hk/zh-hk/index.html https://www.aia.com.hk/en/about-aia/careers.html AIA Group 30/F, Hopewell Center, 183 Queen's Road East, Wanchai, Hong Kong Tel: (852) 2832 1800 Website: https://www.aia.com/en/index.html https://www.aia.com/en/careers.html AIG 7/F, One Island East, 18 Westlands Road, Island East, Hong Kong Tel: (852) 3555 0000 Website: https://www.aig.com.hk/
    [Show full text]
  • 2019 Insurance Fact Book
    2019 Insurance Fact Book TO THE READER Imagine a world without insurance. Some might say, “So what?” or “Yes to that!” when reading the sentence above. And that’s understandable, given that often the best experience one can have with insurance is not to receive the benefits of the product at all, after a disaster or other loss. And others—who already have some understanding or even appreciation for insurance—might say it provides protection against financial aspects of a premature death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. All that is true. We are the financial first responders. But there is so much more. Insurance drives economic growth. It provides stability against risks. It encourages resilience. Recent disasters have demonstrated the vital role the industry plays in recovery—and that without insurance, the impact on individuals, businesses and communities can be devastating. As insurers, we know that even with all that we protect now, the coverage gap is still too big. We want to close that gap. That desire is reflected in changes to this year’s Insurance Information Institute (I.I.I.)Insurance Fact Book. We have added new information on coastal storm surge risk and hail as well as reinsurance and the growing problem of marijuana and impaired driving. We have updated the section on litigiousness to include tort costs and compensation by state, and assignment of benefits litigation, a growing problem in Florida. As always, the book provides valuable information on: • World and U.S. catastrophes • Property/casualty and life/health insurance results and investments • Personal expenditures on auto and homeowners insurance • Major types of insurance losses, including vehicle accidents, homeowners claims, crime and workplace accidents • State auto insurance laws The I.I.I.
    [Show full text]