AIA Malaysia becomes biggest life insurer after buying over ING
Business & Markets 2012
Written by Cindy Yeap of theedgemalaysia.com
Thursday, 11 October 2012 15:32
KUALA LUMPUR (Oct 11): AIA Group regional CEO Ng Keng Hooi said AIA Malaysia will become the largest life insurer locally after taking over ING's business in Malaysia.
"The ING acquisition makes AIA Malaysia the No 1 life insurer, from number four, with 24.8% market share," Ng told a press conference on Thursday.
The deal catapults AIA to the top, displacing Great Eastern that has market share of 22.9%. Prudential comes in third with 16.3% market share.
The ING acquisition will more than double the number of agents for AIA to 16,600, from 7,400 agents currently.
In response to a question from theedgemalaysia.com, Ng said: "There are no plans for [more acquisitions] in Malaysia."