|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Sunday, August 14th, 5:29PM


Latest Headlines

It's goodbye to Sovereign

AIA has announced that its combined New Zealand business will operate under the AIA brand.

Tuesday, November 27th 2018, 1:12PM 2 Comments

The process of rolling out the AIA brand will begin later this year and will be completed in 2019.

AIA acquired the Sovereign business from CBA in July this year.

The AIA Group, which was founded in 1919, is a pan-Asian life insurance group, and one of the largest life insurance companies in world.

It has a presence in 18 markets across the Asia-Pacific region, and services the holders of 32 million individual policies, and over 16 million members of group insurance schemes. AIA New Zealand has been in the market since 1981.

In 2018, AIA launched a new brand promise: Healthier, Longer, Better Lives. 

Damien Mu, who heads up Australia and New Zealand for AIA, said: “AIA is a hugely recognised and respected brand in the region and we are excited to be adopting the AIA brand across our combined New Zealand business in 2019.

“The recent acquisition of Sovereign, which is a world class business, has transformed AIA’s scale and reach enabling us to become the largest life insurer in New Zealand. This puts us in a unique position to address the nation’s significant insurance gap. AIA is committed to helping make New Zealand one of the healthiest and most protected nations in the world. We will do this as a customer-centric organisation that delivers valued insurance propositions to our customers. These include AIA Vitality, which will be launched in New Zealand in the near future, and AIA’s established rehabilitation and return to work programmes, both of which are helping people live healthier, longer, better lives."

AIA Vitality is AIA’s science-based health and wellness programme, offering members the knowledge, tools and motivation they need to improve their health, while enjoying lower premiums and other rewards.

AIA Vitality is now in 10 of AIA’s markets with nearly a million members including those of AIA’s wellness programme in China. AIA will be the only insurer to offer the programme in New Zealand.

New Zealand chief executive Nick Stanhope said: “I’m confident that AIA Vitality will prove a game changer in our market, changing the conversation about life insurance and New Zealander’s lifestyle choices, in general, from ‘what if something bad happens?’ to ‘how can I improve my health, wellness and wellbeing?’

“That work has already begun in earnest with the New Zealand’s Healthiest Schools Challenge, which finished last week. This year the challenge involved an amazing 55,000 Kiwi kids, as well as their families, helping them form healthy habits that we hope will last them a lifetime."

While the Sovereign brand will be phased out, both AIA’s and Sovereign’s products and services will remain fully serviced according to the terms and benefits already in place for customers.  These products will continue to be available to customers through AIA’s  partnership with ASB with whom it has a 20-year distribution agreement, as well as a network of independent financial advisers, which AIA and Sovereign have worked with for more than 25 years in New Zealand.

Tags: AIA Sovereign

« Partners bumps up medical pricingRBNZ clearly has life insurance commission in its sights »

Special Offers

Comments from our readers

On 27 November 2018 at 1:59 pm Referee said:
No mention of their aspiration for paying claims in a just and fair manner. The public and advisers will be hoping the standard is at least as good as Sovereign's reputation has been.
On 28 November 2018 at 7:19 am MPT Heretic said:
Given the global footprint it makes sense to settle on AIA but it is sad to see the Sovereign brand disappear.

Over the years (but particularly in the early days) the Sovereign culture and ethos was world class and a quick look around the industry today shows how many outstanding people worked and evolved there at one time or another

Sign In to add your comment



Printable version  


Email to a friend
Insurance Briefs

Fidelity backs two non-profits

Auckland-based InsurTech firm aims for ASX listing
New Zealand-based InsurTech firm raises $7.4 million to fund expansion.

UniMed picks up book of business
After 40 years a friendly society has decided to exit the health insurance sector.

OnePath and Cigna pinged by FMA
OnePath Life (NZ) and Cigna Life Insurance have agreed to pay the Financial Markets Authority $180,000 after admitting breaches of the fair dealing provisions of the Financial Markets Conduct Act 2013 (FMCA).

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
Site by Web Developer and