MANILA, PHILIPPINES– AIA Philippines and BPI AIA were recently awarded at the prestigious Golden Arrow Awards in recognition for their top scores in the 2021 ASEAN Corporate Governance Scorecard Assessment mandated by the Insurance Commission.
“These awards are testament to our commitment to good governance, which translates to a culture of integrity, positive performance, and sustainable business,” said Kelvin Ang, CEO of AIA Philippines. “We will continue to uphold the highest standards of business practices so we can provide our stakeholders, customers, partners, and employees, products and services they can trust and count on to help them live healthier, longer, better lives.”
The Corporate Governance Scorecard (CGS) is an assessment tool used to determine if an organization is being managed well and is compliant with government regulations. It was enforced by the Insurance Commission to improve the corporate governance standards and practices of insurance companies in the Philippines.
The Golden Arrow is awarded to Insurance Commission Regulated Companies (ICRCs) which achieve a score of at least 80 points. A three-arrow recognition which represents a CGS score of 100 to 109 points was given to AIA Philippines who was also lauded as one of the top performing companies in the life insurance sector while a two-arrow recognition for a CGS score of 90 to 99 points was given to BPI AIA.
The scorecard covers five areas of corporate governance such as rights of shareholders, equitable treatment of shareholders, role of shareholders in corporate governance, disclosure and transparency, and responsibilities of the board.
About AIA Philippines
AIA Philippines (AIA Philippines Life and General Insurance Company, Inc.), formerly AIA Philam Life (The Philippine American Life and General Insurance Company), is the country’s premier life insurance company. Originally established on 21 June 1947and became popularly known as Philam Life, AIA Philippines has earned the trust of customers for its financial strength, strong brand name, and ability to deliver on its promises.
AIA Philippines has PHP276.73 billion in total assets¹ and PHP72.21 billion in net worth² as of 31 December 2021 while serving almost 800,000 individual policyholders and nearly 800,000 insured group members.
AIA Philippines understands the needs of its customers and provides holistic solutions that include life protection, health insurance, savings, education, retirement, investment, group, and credit life insurance. It also offers bancassurance through its subsidiary, BPI AIA Life Assurance Corporation (formerly BPI-Philam Life Assurance Corporation).
Based on the Insurance Commission results as of 31 December 2021, the combined total premium income of AIA Philippines and BPI AIA was at PHP33.91 billion.
AIA Philippines is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR³ , Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR⁴ , and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (exJapan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$302 billion as of 30 June 2022.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 40 million individual policies and over 17 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
Abbie L. Remo
Corporate Communications and PR Lead