AIA Company Limited and AIA Singapore have announced plans for a Brunei office following the transfer of the life insurance business of AIA Company Limited to AIA Singapore early next year.
AIA Brunei has grown to become a trusted life insurer in Brunei over the past 60 years. The Brunei business is currently set up as a branch of AIA Company Limited, a company which is incorporated in Hong Kong and regulated by the Hong Kong Insurance Authority.
AIA is proposing to transfer its Brunei business from AIA Company Limited, acting through its branch in Brunei to AIA Singapore, acting through its new branch in Brunei. AIA Singapore is a prominent life insurer with a long history of close to 90 years in Singapore with a strong financial foundation, and is regulated by the Monetary Authority of Singapore.
Following the transfer, AIA Brunei will continue to be regulated under the Autoriti Monetari Brunei Darussalam as a licensed life insurer.
Patrick Teow, chief executive officer of AIA Singapore, 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."
Kenneth Ling, general manager of AIA Brunei, added," 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."
The proposed transfer is planned to take effect on 1 January 2020 or at a date AIA may later share.