American International Assurance
16/F, AIA Central
1 Connaught Road Central
T: (852) 2832 1800
F: (852) 2572 4695
Contact: Patricia Chua, AIA (News Media)
+852 2832 1366
Crystal Leung, AIA (News Media)
+852 2832 1227
AIA AND ICBC FORM STRATEGIC ALLIANCE TO
TAP BANCASSURANCE POTENTIAL
HONG KONG, September 9, 2010 – American International Assurance Company, Limited (AIA)
announced today in Beijing that it has signed a long term strategic partnership agreement with
Industrial and Commercial Bank of China Limited (ICBC). According to the agreement, both AIA
and ICBC will be able to fully leverage their expertise in their respective fields and jointly develop
the bancassurance business in mainland China.
Under the principles of “Integrity, Reciprocity and Sustainability”, AIA and ICBC will work closely in
bancassurance and a wide range of banking areas including bank deposits, asset management,
cash management, investment banking, e-banking, credit cards, customer services, fund raising,
credit lending and staff training.
Mark Tucker, AIA Group Executive Chairman and Chief Executive Officer Designate and Jiang
Jian Qing, ICBC Chairman attended the signing ceremony. Mark Tucker said: “AIA’s roots in the
Asia Pacific are long and deep. In particular, we have very special ties to China because our
founding company began in Shanghai more than 90 years ago. We believe the cooperation with
ICBC will further strengthen AIA’s business developments in China and give us the opportunity to
continue to offer innovative products and services to meet the protection and savings needs of the
people of China.”
“By leveraging the core strengths and expertise of AIA and ICBC, together we aim to build a strong
foundation and platform to help us take full advantage of the rapid development in China’s
bancassurance business. Specifically, AIA will work jointly with ICBC in areas such as sales and
marketing system, product innovation, service quality, technological advancement and sustainable
profitability,” Mark Tucker continued.
ICBC is the world’s largest listed bank by market capitalisation, deposit volume and profitability.
With a quality client base, diversified business structure, strong brand equity and innovation, ICBC
takes a market leadership position in most banking service areas.
Bancassurance is an integral part of AIA’s multi-channel distribution strategy. While continuing to
also grow its professional agency force, AIA will make use of the bancassurance platform to
develop three principal channels, namely direct marketing, tele-marketing and wealth protection
planning. To further improve its competitiveness in multi-channel distribution, AIA will offer
differentiated services, and cost-effective products. The cooperation with ICBC signifies that AIA is
moving its multi-channel distribution model to a new phase of development and will take both
parties to the next level.
About the AIA Group
The AIA Group is a leading life insurance organisation in Asia Pacific that traces its roots in the
region back more than 90 years. It provides individuals and businesses with products and services
for life insurance, retirement planning, accident and health insurance as well as wealth
management solutions. Through an extensive network of 320,000 agents and approximately
23,500 employees across 15 geographical markets, the AIA Group serves the customers of over
23 million in-force policies in the region.
The AIA Group has branch offices, subsidiaries and affiliates located in jurisdictions including
Australia, Brunei, China, Hong Kong, India, Indonesia, Macau, Malaysia, New Zealand,
Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.