AIA Group Ltd. (01299.HK) plans to invest more in infrastructure projects in the Asia-Pacific region amid China’s “One Belt, One Road” initiative, chief executive Mark Tucker said.
The insurer already holds a portfolio of US$40 billion in such investments, compared with the market demand for US$8 trillion over the next 10 years, Tucker told the Hong Kong Economic Journal in an interview.
Currently AIA has a presence in 18 markets in the region, and plans to expand its investment to assist further in the region’s social and economic development.
China could become the company’s largest market as the gap between insurance coverage and the amount of protection needed has topped US$32 trillion, Tucker said.
Hong Kong is the insurer’s largest market, contributing US$1.05 billion after-tax profit, or 33 percent of the group’s total last year.
China’s is the group’s fourth-largest market, contributing US$356 million or 11.1 percent of its total profit.
– Contact us at [email protected]