Latest news with #AIA
Reuters
a day ago
- Business
- Reuters
Breakingviews - Richard Li redefines IPO success
HONG KONG, June 26 (Reuters Breakingviews) - Richard Li is nothing if not relentless. The tycoon's pan-Asian insurer FWD is going public after multiple false starts. A $6.2 billion, opens new tab market capitalisation is less than half what Li once targeted. But there are plenty of silver linings. When founder and controlling shareholder Li first tried to list his company in New York in 2021, the group aimed for a valuation of up to $15 billion, sources told Reuters. When that floundered, FWD instead tried for a Hong Kong debut in 2022, but rocky markets thwarted a further two attempts there. FWD's world changed dramatically in the interim. Its closest peers, Asia-focused insurers Prudential (PRU.L), opens new tab and AIA ( opens new tab, have shed around a fifth and a third of their value since 2021 as China's economy stalled, leaving Hong Kong's market in a slump. FWD shifted to steadier growth after an action-packed decade of acquisitions. Its operating profit after tax still outpaces its older, larger rivals, climbing 29% last year to $463 million, while AIA and Pru each managed about 7%. But the value of new business – a measure of estimated future profits from policies sold – rose 14% last year, compared with 28% in 2021. That makes today's $6.2 billion price tag pretty punchy. At HK$38 per share, the pan-Asian insurer is worth 1.1 times its embedded value in 2024 – roughly in the middle of Pru's 0.9 multiple and the 1.4 times sported by AIA. The deal stands out in other ways too. If FWD exercises its overallotment option to hit around $510 million in proceeds, it would be level with Mixue's ( opens new tab $511 million capital raise in February, the city's largest IPO so far this year. True, it's far below the $3 billion targeted in New York. However, Li was able to drum up some $1.8 billion through pre-IPO private funding rounds in 2021 and 2022, making up some of the difference. And in some respects the IPO is testing the waters: the company is only selling a small slug of stock – less than 10% – and no existing shareholders are cashing out. That means Li and fellow owners can still hold out hope that public markets may at some point bump up FWD's value. For now, a successful deal is being redefined as one that can get done at all. Follow Katrina Hamlin on Bluesky, opens new tab and Linkedin, opens new tab.
Business Times
a day ago
- Sport
- Business Times
At Hyrox, a stern test of strength, endurance and determination
THIS weekend, the National Stadium at the Singapore Sports Hub in Kallang will be where thousands of athletes – many of them shirtless, sweaty and pumping with adrenaline – will put their strength, endurance and overall fitness to the ultimate test. To conquer Hyrox – as this popular competition is known as – one has to do everything from burpee broad jumps and sled pulls to rowing and sandbag lunges, to name just a few of the high-intensity workouts involved. There is also a fair bit of running involved – eight rounds of 1 km each. Those who sign up can choose to either go it alone, team up with a partner in the doubles, or enter the relay. The format is consistent across all events, allowing for global leaderboards and a world championship. Founded by German entrepreneur Christian Toetzke and two-time field hockey Olympic gold medallist Moritz Furste, Hyrox has come a long way from its first event in Hamburg back in 2018 where there were just 650 participants. The 2025 season features more than 90 races with over 550,000 athletes and 350,000 spectators, with stops in Australia, the United Arab Emirates, Italy, Denmark and the United States, among others. Singapore staged its first Hyrox event in 2023, followed by two more last year. The latest edition – set to take place on Saturday (Jun 28) and Sunday – has AIA on board as the official title partner, with the event known as the AIA Hyrox Open Asian Championships 2025. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Besides the usual singles, doubles and relay races, this weekend will see athletes from across Asia compete against one another in a mixed relay championship. There will also be a corporate relay category for the first time where teams of employees will engage in friendly competition. Hyrox participants have to complete eight rounds of one functional workout station and a 1 km run. PHOTO: HYROX APAC As part of its sponsorship and in a first for the Hyrox championships, AIA Singapore is providing both participants and sponsors with complimentary personal accident coverage when they purchase their tickets, with the coverage lasting the entire month of June. AIA Singapore is fielding a team in the corporate relay too, led by chief executive officer Wong Sze Keed. One of the other three members is general counsel and company secretary Penny Koo, who led a team to victory at the Hyrox Hong Kong women's corporate relay last year. Koo, who is in her 40s and has been with the company since 2012, will be taking part in her fourth Hyrox event. Her last Hyrox outing was in Seoul last month, where she competed in the women's doubles with a friend from her gym. BT Weekend recently met the affable lawyer at the Bugis Junction branch of Fitness First, an official Hyrox training club and an AIA Vitality partner. During the lively 30-minute chat, Koo opened up about her passion for Hyrox and how she balances the demands of work and her love for exercise and fitness. This transcript has been edited slightly for brevity. You have been general counsel for the company for eight years now. What does the job entail? I am responsible for all legal and corporate secretarial matters. I lead a team of 14 people, and we shape the legal strategies for the organisation, and provide advisory, transactional and governance support. With so much on your plate, do you have to work over the weekends very often? As an executive in today's world, almost everyone has a work phone, so the job never really stops. You have to set your own boundaries, and I am very privileged that our management team and colleagues respect personal boundaries. For the most part, with the ongoing focus on mental wellness, we really do encourage our folks to take care of themselves. Yes, the work will need to be done, but it is important to have that balance with enough rest, training and exercise. Have you always been this physically fit and active? I was born premature, about two months early when my mum fell down the stairs, so I would say I did not have the strongest start in life. I was diagnosed with severe childhood asthma, not long after I underwent surgery at three years old to remove a neck tumour. I remember spending a lot of time at the hospital when I was a kid, and that also meant that when I went to kindergarten and primary school, I was the student with a doctor's letter to exempt me from PE (physical education) classes. I thought to myself, hey, life is so unfair. So I tossed out the doctor's note, as I refused to be wrapped in cotton wool all my life. I was quite a stubborn kid. I did get some asthma attacks after I did some running or exercise, but it was not that bad, and I had my inhaler with me. By the time I was in secondary school, I somehow stopped having these asthma attacks, and things just got better over time. I went on to represent my school in swimming and netball. Penny Koo training on the SkiErg, a cardio machine that simulates cross-country skiing and involves a pulling motion with handles. This is one of the eight stations at a Hyrox event. PHOTO: AIA SINGAPORE What is your fitness or exercise routine like these days? I train every day. I make time for my exercise, and on Sundays I make sure I block out time throughout the week for my training. If it is in the calendar, there is a greater chance that it will happen. I am up at about 5.30 am, and I will do strength training from about 6.30 am for about two hours, before heading to work. I may go for a run on some evenings. I also enjoy swimming and going for yoga. How did AIA make the decision to be the title partner of Hyrox in Singapore? There is clearly a lot of synergy between what we want to achieve together. Our mission and purpose is to help people live healthier, longer and better lives. Hyrox has been trending for some years now as a very popular event that has mass market appeal, with a global reach and various categories for people of all ages and capabilities. There are also adaptive divisions, so we saw it made a lot of sense (for Hyrox and AIA) to come together. Other than this weekend's competition at the National Stadium, we are also launching an AIA Ultimate Fitness Fest in August and September, with support from Hyrox. It is a variation of the official Hyrox races with a university edition and an open edition to cater to participants across all fitness levels. What is it about Hyrox that you enjoy? It is about being together with like-minded people at a well-run event with a great atmosphere. I have competed at Hryox in three places – Singapore, Hong Kong and, just last month, South Korea. No matter the venue, there is so much energy and everyone is cheering for you, even if they do not know your name or where you are from. I also think that for people who are starved of time, these types of high-intensity exercises are something that anyone can do in a short amount of time. And when you are doing these high-intensity workouts, I do not think your brain can think about anything else other than what you are doing at that moment. It is almost like you force yourself to take a break, whether it is from work or your phone or something else. All you can focus on in, that moment, is yourself, and the workout you have committed to attempt and complete.
Business Wire
3 days ago
- Business
- Business Wire
Ancona International Airport Announces Management Transition
ANCONA, Italy--(BUSINESS WIRE)--Ancona International Airport ('AIA'), a Njord Partners portfolio company, announces that its CEO, Alex D'Orsogna, will be taking up the role of General Director of ENAC Italy, the national civil aviation authority. He was appointed to the post on 16 June 2025 by the Italian Prime Minister. Hamish de Run, the current President and Chair of AIA since 2019, will assume the role of Interim CEO while the search for a permanent successor is conducted. Since joining AIA in 2022, Alex has been instrumental in repositioning the airport as a vital logistics hub both nationally and internationally. Under his leadership, AIA has achieved record growth in both freight and passenger operations, launching several infrastructure and intermodal initiatives that have established Ancona as a strategic transport center. Alex's departure coincides with an exciting phase of momentum for AIA, as the airport continues its ambitious strategic transformation. The flagship Verticall project remains on schedule, with the first phase set for completion in 2025 and full construction anticipated to commence in 2026. Additionally, in Q325, Amazon will inaugurate a new operations facility just 6 km from the airport, positioning AIA to emerge as one of Italy's top five cargo hubs. Further, AIA continues to focus on the launch of the spaceport project, establishing Italy's autonomous industrial access to space, as well as currently instituting itself as an important MRO location. AIA's unique intermodal triangle, linking airport, port, and rail within a 10 km radius, has garnered recognition from both the Italian government and the European Commission as a national model for integrated infrastructure and logistics. Ongoing investment to connect the hub to Italy's high-speed rail network will further enhance its strategic importance. Hamish de Run, Chair and Interim CEO, commented: 'We are immensely grateful to Alex for his exceptional leadership, commitment, and vision. His transformative contributions have significantly shaped Ancona's growth and enhanced its reputation, leaving us well-positioned for continued success. I am excited to work closely with the management team to build upon this momentum as we embark on our next exciting chapter.' About Ancona International Airport Ancona International Airport, known as Marche Airport, is the primary airport serving the Marche region of Italy. As a multi-dimensional airport, it offers both domestic and international flights as well as private jets, connecting the region with major European destinations. Renowned for its operational efficiency and traveller convenience, Ancona International occupies a central position within the regional transportation network, supporting both commercial and leisure travel. Beyond its passenger services, the airport serves as a vital hub for cargo operations, facilitating freight and logistics, while also building a potential pivotal role in aircraft maintenance, recovery and conversion. Additionally, the Airport is building a path in serving as a focal point for various aerospace research and development initiatives, further solidifying its significance in advancing new aviation technologies and innovation. To find out more visit: About Njord Partners Njord Partners is a special situations investment manager and provider of long-term flexible capital solutions. Established in 2013, Njord Partners manages capital in excess of €1 billion. Investing in European middle-market companies facing complex situations, its mission is to deliver superior risk-weighted returns to investors while preserving capital. As a capital partner, Njord Partners offers flexible debt and equity solutions, actively facilitating strategic and operational enhancements within its portfolio companies to drive value. To find out more visit:
Barnama
3 days ago
- Business
- Barnama
Digital-first And Purpose-driven: AIA Malaysia's New Era For Life Planners
BUSINESS AIA Bhd Chief Executive Officer Ben Ng (left) and AIA Bhd chief agency distribution officer Leong Chee Soong during an interview session with Bernama recently at the AIA headquarters in Jalan Ampang, Kuala Lumpur. AIA Bhd Chief Executive Officer Ben Ng during an interview session with Bernama recently at the AIA headquarters in Jalan Ampang, Kuala Lumpur. KUALA LUMPUR, June 25 (Bernama) -- In an increasingly digital world, insurance agents must cultivate strong digital competencies, embrace adaptability, and leverage online communication platforms to navigate emerging challenges and shift public perception away from outdated stereotypes rooted in traditional face-to-face interactions. Recognising these challenges, AIA Malaysia launched the AIA Elite Academy (AEA) in 2018 -- an exclusive, first-of-its-kind talent development programme aimed at cultivating a new generation of high-performing insurance agents, known as AIA Life Planners in AIA. The programme features a time-tested syllabus, best-in-class training, and the essential tools and skill sets to help Life Planners grow professionally and thrive as successful entrepreneurs. AIA Malaysia chief executive officer Ben Ng said the company has continuously enhanced the programme over the past seven years to make it more attractive and relevant to the times, with the ultimate goal of inspiring Life Planners to build lasting careers with AIA by fostering long-term engagement and professional growth. Hence, this year, AIA has introduced Elite 2.0 and Elite Premier Leader (EPL) 2.0 -- enhanced programmes focusing on stronger income opportunities and advanced business development skills. Ng said Elite 2.0 is designed for fresh graduates to kick-start their careers with start-up capital support, while empowering them to build a sustainable income through commissions and bonuses. 'Elite 2.0 is also tailored for career switchers, senior management professionals, and established business owners – offering an industry-leading start-up capital of up to 150 per cent of annual income and monthly income matching of up to RM100,000,' he said in a recent group interview. Meanwhile, Ng said EPL 2.0 is crafted for individuals ready to lead teams, accelerating their leadership journey with sustainable income and advanced opportunities within 24 months, with the aim of building a lasting and impactful business. 'We understand that the traditional view of insurance agents is often linked to outdated methods and limited growth. At AIA, we have completely redefined that narrative,' he said.
The Sun
3 days ago
- Business
- The Sun
AIA Launches Wealth Generation - Introducing market-first legacy planning options and a short 4-year projected breakeven period Empowering HNW customers to accumulate wealth and achieve seamless legacy transfer
HONG KONG SAR - Media OutReach Newswire - 25 June 2025 - AIA Hong Kong announced the launch of Wealth Generation ('the Plan'), a bespoke life insurance plan designed exclusively for high-net-worth (HNW) individuals. This Plan enables customers to capitalise on wealth creation opportunities in today's dynamic market while fostering long-term prosperity through strategic legacy planning. The Plan features multiple market-first^ legacy planning options, a rare-in-market* Flexi Withdrawal Option and value-added service, delivering a competitive projected total internal rate of return (IRR) #. With projected breakeven year as short as four years#, this comprehensive solution addresses the dual priorities of HNW customers: wealth accumulation and legacy management. Ms Alice Liang, Chief Proposition & Healthcare Officer of AIA Hong Kong & Macau, said: 'As a global hub for asset and wealth management, Hong Kong has long been a magnet for high-net-worth individuals and families from around the world. Their needs for life insurance products are constantly evolving. They not only seek to navigate complex investment landscape but also place great emphasis on managing their wealth with control, precision, flexibility, and resilience, ensuring seamless wealth transfer.' She added: 'AIA remains unwavering in our customer-centric approach, consistently delivering innovative products and thoughtful services that go beyond expectations and delight our customers. Wealth Generation exemplifies this commitment, with its market-first legacy planning options, rare Flexi Withdrawal Option and value-added services. This empowers our customers with greater control and flexibility over their wealth accumulation and legacy planning journey, embodying AIA's commitment to helping them achieve Healthier, Longer, Better Lives.' Key features and value-added services of the Wealth Generation: Empowering Wealth Growth Short projected total breakeven year and competitive projected total IRR --> Projected total breakeven year as short as four years#, with a 10-year projected total IRR of up to 5.05%#, helping customers seize opportunities for steady wealth growth. --> Guaranteed cash value and non-guaranteed Terminal Dividend1, along with the Terminal Dividend Lock-in Option2, enabling customers to secure potential returns while pursuing long-term financial growth. Rare-in-market* Flexi Withdrawal Option3 --> Policyholders can set up flexible withdrawal instructions starting from the end of the 5th policy year, where they may automatically and regularly withdraw policy values during their specified period for payment to the designated payment recipient, catering to their evolving needs at different life stages. Seamless Legacy Planning Legacy Planning Options and Value-added Services --> Market-first^ Future Guard Option: Through the value-added service, Transitional Owner Arrangement4, policyholder can designate a family member as the contingent owner of the policy and another aged 18 or above family member as the transitional owner of the policy. The transitional owner will oversee the policy with limited administrative rights until the designated contingent owner takes over ownership of the policy upon reaching the date or age as specified by the policyholder. --> The Future Guard Option also allows the transitional owner to split the policy into two separate policies and to designate another family member as the new contingent owner and insured of the split policy. Ownership of the split policy is transferred when the new contingent owner reaches the specified date or age, ensuring seamless and harmonious wealth succession across generations. Safeguarding Loved Ones --> Market-first^ Beneficiary Flexi Option: Under specified conditions5, beneficiaries are empowered to flexibly choose their settlement options to receive their share of the unpaid death benefit and accidental death benefit. This ensures a personalised and holistic approach to legacy planning. --> Market-first^ Health Impairment Option6: In the event that the policyholder suffers from a mental issue or becomes unconscious for a certain period due to a specified illness, the designated recipient7 can receive benefit payment or policy ownership according to the policyholder's instructions. This feature safeguards the financial well-being of loved ones. Recognising the exacting standards of HNW customers for health and wealth solutions, AIA established AIA Club Alta in 2023 to deliver curated privileges8 across three pillars: health and wellness, wealth management and exquisite lifestyle experiences. These exclusive offerings have empowered customers to strike an optimal balance between health and wealth, enabling them to enjoy a more prosperous and fulfilling life. AIA Club Alta also extends its bespoke wealth management privileges9 to include advisory services on tax planning, trusts, legal and family office consultations. When combined with Wealth Generation, these services provide customers with an effective solution, ensuring the mastery of wealth amplification, seamless wealth succession and peace of mind for generations to come. All information above is for reference only and does not constitute any offer and/or insurance product recommendation. The product information in this material does not contain the full terms of the product, for the details of the product features, terms and conditions, exclusions and key product risks, please refer to the product brochure and policy contract of relevant products or visit the AIA Hong Kong's website. Remarks ^ Three market-first options: --> Future Guard Option: As of 7 May 2025, compared with similar services offered by Hong Kong major insurance companies --> Beneficiary Flexi Option: With the Beneficiary Flexi Option, the policy owner allows the beneficiary to choose to receive the death benefit payment in accordance with the beneficiary's selected settlement option when the beneficiary has attained the designated age chosen by the policy owner or when the beneficiary is diagnosed with a specified illness under Beneficiary Flexi Option. This feature is first-in-market when compared with the savings insurance products provided by Hong Kong major insurance companies, pioneered by AIA with the FlexiAchiever Savings Plan on 8 January 2025. --> Health Impairment Option: This option allows the policy owner to designate up to 2 different designated recipients and elect for both benefit payment and transfer of ownership at the same time. This feature is first-in-market when compared with the savings insurance products provided by Hong Kong major insurance companies as of 7 May 2025. * Compared with the savings insurance products provided by Hong Kong major insurance companies as of 7 May 2025. # 'Projected total breakeven year' is the policy year at the end of which the projected total surrender value is greater than or equal to the single premium paid for the first time. The projected Total IRR is neither indicative of future performance nor guaranteed. The projected total IRR based on the assumption that no cash withdrawals or policy loans are taken throughout the term of the policy, none of Terminal Dividend Lock-in Option, Flexi Withdrawal Option, Policy Split Option and Health Impairment Incapacity Option is exercised and that all premiums are paid in full when due. 1. The non-guaranteed Terminal Dividend may be declared to the policy at least once per policy year starting from the end of the 3rd policy year. However, AIA Hong Kong may also at its sole discretion declare the Terminal Dividend more frequently than once per policy year, such as on a monthly basis. option is available once per policy year starting from the end of the 15th policy year, and application for such transfer must be made within 30 days after the end of a policy year. to relevant conditions and withdrawal risks. Owner Arrangement is only available to designated policies which meet our eligibility requirements. Transitional Owner Arrangement is a value-added service and not a product feature, therefore it does not form part of the policy contract of Wealth Generation. Application is subject to our approval at our discretion. We reserve the right to withdraw the Transitional Owner Arrangement or change its terms and conditions or any related requirements at any time at our sole and absolute discretion. Future Guard Option is one of the service features under the Transitional Owner Arrangement. For details of Transitional Owner Arrangement and Future Guard Option (including but not limited to eligibility, risk and limitation), please refer to the value-added service leaflet of Transitional Owner Arrangement. the policyholder has chosen the Death Benefit Settlement Option, he/she may also choose the Beneficiary Flexi Option. Upon the beneficiary attaining the designated age chosen by the policyholder or being diagnosed with a specified illness including cancer, stroke, heart attack, terminal illness and kidney failure, such beneficiary can receive his/her share of the unpaid death benefit and accidental death benefit (if any) according to his/her selected settlement option. from the end of the 3rd policy year, if the policyholder is also the insured, he/she may elect for benefit payment and/or ownership transfer to designated recipient(s) under the Health Impairment Option. Subject to relevant conditions and withdrawal risk. policyholder may designate up to 2 family members aged 18 or above as designated recipients and the applicable designated percentage of policy value for benefit payment and/or ownership transfer. If the policyholder suffers from a mental issue or becomes unconscious for a certain period due to a specified illness including Apallic Syndrome and Coma, the designated recipient may in accordance with the instructions receive a lump sum benefit payment and/or become the new policy owner of the policy. membership and privileges of AIA Club Alta are subject to terms and conditions. For details, please refer to AIA Club Alta website ( wealth management privileges of AIA Club Alta are provided by third-party service providers and partners. AIA Hong Kong and its intermediaries do not provide any opinion or advice to customers regarding the relevant services. About AIA Hong Kong & Macau AIA Group Limited established its operations in Hong Kong in 1931. To date, AIA Hong Kong and AIA Macau have over 18,000 financial planners1, as well as an extensive network of independent financial advisors, brokerage and bancassurance partners. We serve over 3.6 million customers2, offering them a wide selection of professional services and products ranging from individual life, group life, accident, medical and health, pension, personal lines insurance to investment-linked assurance schemes with numerous investment options. We are also dedicated to providing superb product solutions to meet the financial needs of high-net-worth customers. 1 as of 31 March 2025 2 Including AIA Hong Kong and AIA Macau's individual life, group insurance and pension customers (as of 31 March 2025)
