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AIA looks to hold on to NZ's largest group schme

One of the biggest group life insurance schemes in the country is up for tender again.

Wednesday, February 19th 2014, 1:16PM

by Susan Edmunds

The police life insurance scheme, currently offered by AIA, is put out for tender every six years.

A Police Association spokesman said the tender process would be finished by the end of March. He would not give any further details on the scheme or the tender process.

AIA chief executive Wayne Besant said his firm was going through the process as the incumbent. “We’ve had a relationship with the police for a long time.”

He said the police scheme was one of the most important employee benefit schemes in the country. “Not just because of the size of it but the people we’re providing cover for. They do a fantastic job in the community.”

He said the police scheme was a reasonable proportion of the group business but AIA had made big strides in the group sector over recent months. “We’ve taken over 30% of the new business offered in the group business space over the last year.”
Its market share in group insurance had increased from 7% to 10.3%.

Besant said group schemes were a key focus for AIA internationally, with 16 million individuals covered through employee benefit schemes. “It’s not an insignificant part of the AIA group, we’re very good at group business in New Zealand and growing.”

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