This bancassurance partnership agreement, which is for a 15-year period, involves all retail distribution channels, including branches, telemarketing and online channels, covering both retail and group life insurance product areas.
The tie-up provides access to Citibank’s corporate clients and approximately 13 million existing retail cardholders and banking customers in the 11 markets.
According to the insurance company, the "exclusive" long-term agreement with Citibank is the “widest-reaching" bancassurance distribution partnership ever in Asia.
The markets included in the agreement are Hong Kong, Singapore, Thailand, China, Indonesia, Philippines, Vietnam, Malaysia, Australia, India, and Korea.
Mark Tucker, AIA’s group chief executive and president, said: “This highly attractive distribution agreement further consolidates AIA’s leading position in Asia’s fast growing life insurance markets and significantly enhances our bancassurance platform alongside our long-established and market leading agency channel.
"Our new long-term partnership provides exclusive access to Citibank’s extensive regional distribution network. It will enable AIA to apply our in-branch sales expertise, leading point-of-sale technology and broad product range with the objective of considerably increasing the life and health insurance penetration of Citibank’s large retail and commercial customer base across Asia.”
The new partnership arrangements will be implemented in each local territory during the course of 2014.
Citi Asia-Pacific CEO, Stephen Bird, said: "By partnering with one of the world’s leading insurance companies, we will be able to offer our customers access to high quality, tailored life insurance products and services that offer them protection suited to their needs."
Hong Kong-headquartered AIA operates in 17 markets in Asia Pacific managing total assets worth US$147bn as of May 31. It serves holders of more than 27 million individual policies as well as over 16 million participating members of group insurance schemes.
