AIA Group Limited has formed a 15-year strategic bancassurance partnership with The Bank of East Asia to enhance the distribution of life insurance products in Hong Kong and Mainland China.

Information on the Target

AIA Group Limited ("AIA"; stock code: 1299) is a leading insurance provider that specializes in life and long-term savings products. Recently, AIA has established a strategic bancassurance partnership with The Bank of East Asia, Limited ("BEA"), which will last for a period of 15 years. This exclusive partnership allows BEA to distribute AIA's life and savings products to its retail banking customers in both Hong Kong and Mainland China. The collaboration leverages AIA's strong track record in bancassurance and BEA's robust network, which encompasses over 140 branches that cater to a diverse and affluent customer base.

BEA stands out as a prominent player in the banking sector, especially within Hong Kong, where it serves more than 1.2 million domestic customers. Its footprint in Mainland China is significant, ranking among the top three foreign banks in personal banking. BEA operates across 22 provinces, indicating its extensive reach and potential for deepening life and health insurance penetration among its clientele.

Industry Overview in Hong Kong and Mainland China

The bancassurance sector is experiencing significant growth in Hong Kong and Mainland China, driven by an increasing demand for insurance products among affluent populations. The insurance penetration rate remains relatively low in the re