PETALING JAYA (June 17, 2013): ING Group's insurance operation in Malaysia will now be known as AIA Bhd, following its acquisition by life insurer AIA Group Ltd last December.
"From today, ING’s local insurance businesses will operate under a single licence and brand, and be known as AIA Bhd. The “ING” insurance brand will exit the market," said AIA Bhd CEO Bill Lisle in a statement today.
The AIA-ING integration process began on Dec 18, 2012 when AIA Group completed its acquisition of ING Group's life, general insurance and employee benefits businesses in Malaysia. The sale also included the latter's 60% stake in ING Public Takaful Ehsan Bhd, which is still undergoing integration with AIA AFG Takaful Bhd. and is now known as AIA Public Takaful Bhd.
"The (AIA-ING) integration, which was a complex and large-scale one, was achieved on schedule, due to the dedication, efficiency and hard work of our team over the last six months. We will continue to focus on streamlining our products and processes in order to ensure ever higher standards of service for our 2.6 million customers," said Lisle.
He added that AIA Group's acquisition of the ING business has provided the group with a valuable opportunity to leverage the combination of two strong companies.
"Today, we are pleased to introduce an enhanced suite of 26 new traditional life and investment-linked products to be distributed via our AIA Life Planners, streamlined processes which focus on delivering convenience to our customers as well as enhanced systems and technological capabilities.
"Together with our interactive point-of-sale (iPoS) business application, I am confident that our growing base of 17,000 life planners will continue to deliver the best available customer experience," said Lisle.
Since April this year, AIA Bhd has launched a series of marketing and branding initiatives to further enhance its leadership position and refresh its brand in Malaysia. The marketing efforts kicked off with the launch of its "Let's Get Real" recruitment campaign, aimed at attracting Gen Y individuals to build their career as life planners with AIA Bhd.
AIA Bhd has more than 2,000 staff to serve its over 2.6 million customers nationwide. As at end 2012, its total asset worth stood at RM23 billion, with a paid-up capital of RM242 million.