AIA S’pore invests over 20m In new wealth team and centre

Insurer is targeting the growing affluent population in the region

- Claire Huang

Insurer AIA Singapore is spreading its wings with a more than $20 million investment, so it can swoop in on a burgeoning group of affluent clients in the region who are expected to give a significant lift to its business in time to come.

The insurer told The Straits Times that it has committed the sum as an initial investment to drive its new wealth outfit, and that it "will continue to devote sufficient resources" to realise the growth potential of the affluent and high-net-worth market segments.

The new outfit, comprising a wholly owned AIA International Wealth and a physical wealth centre in the Central Business District, caters to domestic and regional individuals with deep pockets.

AIA said it is looking at affluent clients who have a minimum of $200,000 in assets under management.

"The Asia affluent population is slated to grow to 28.2 million by 2026 and that's a huge flow," Ms Peggy Quek, chief executive of AIA International Wealth, told ST in an exclusive interview ahead of the launch of the company on April 30.

In 2021, the Asian affluent population was at about 17.5 million.