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May 6, 2019

Hong Kong’s AIA readies $58m Philam Life investment plan

Hong Kong-based AIA Group has revealed plans to invest approximately PHP3bn ($57.87m) in its subsidiary Philippine American Life and General Insurance Co (Philam Life) over the next three-year.

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The investment will enable Philam Life to expand its agency channel by hiring 5,000 full-time financial advisers.

Philam Life investment:

At present, nearly 8,000 part-time and full-time financial advisers are working for the company.

The addition of new advisers will allow the insurer to bridge the protection gap in the country, which is said be around PHP1.5trn ($29bn).

Philam Life chief executive Kelvin Ang told BusinessWorld: “We will invest PHP3bn ($57.87m) over the next three years in building the agency distribution.

“This is a significant amount… because in the past we’ve done investment in terms of building the agency more than what we want.

“We feel that the market opportunity is enormous,” Ang told the publication.

AIA Group has also invested in other Asian markets, including Hong Kong, mainland China, Malaysia, as well as Thailand.

Philam Life has PHP251.4bn in total assets and served approximately 600,000 individual policyholders and more than 2,200,000 insured group members as of 31 December 2017.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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