[SINGAPORE] By 2026, an estimated 21 per cent of Singapore’s population will be aged 65 and above, making it a “super-aged” society. This is a rise from the current 17 to 18 per cent.
Such a demographic shift is expected to drive stronger demand for health protection and long-term retirement savings, which AIA Singapore sees as a key growth opportunity.
“We are focused on capitalising on structural growth opportunities like addressing the ageing population, the need to bridge that protection gap and catering to the growing wealth of people both here and abroad,” said chief executive officer Wong Sze Keed in a recent interview with The Business Times.
The life insurer has operated in Singapore since 1931 and currently offers a range of personal insurance products as well as employee benefits insurance for businesses.
Wong recently marked five years leading AIA Singapore, having first joined in March 2013 as chief partnership distribution manager and rising through the ranks over more than a decade with the company.
Recognised as a seasoned industry veteran, she was recently appointed president of the Life Insurance Association Singapore in the new management committee for the 2025/26 term. She brings more than 32 years of experience in Singapore’s financial services sector, having held various senior management roles throughout her career.
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Capturing increasing wealth opportunities
Beyond the ageing population, AIA Singapore is also eyeing growth in other key areas, including rising affluence across the region.
Wong said it aims to meet the growing demand for protection and long-term savings, particularly among the mass affluent and high-net-worth (HNW) segments.
To support this, the insurer is expanding its international wealth business across the region by offering products related to wealth accumulation, legacy planning and protection.
Specifically, it is looking to draw on Singapore’s status as an increasingly wealthy and well-regulated financial hub that continues to attract global capital.
Last year, a wealth centre dedicated to serving HNW individuals and families was launched in the city-state.
In addition, the insurer partnered with the Wealth Management Institute to certify its HNW directors and consultants through formal training to improve their expertise.
“Our goal is to be Asia’s biggest partner for wealth planning, both here in Singapore and across the region,” Wong said.
Sustainable financial performance
AIA Singapore’s focus on wealth-related opportunities in the local market has contributed to growth in its long-term savings business, Wong noted.
The insurer’s value of new business rose 15 per cent year on year to US$454 million for the full year ended Dec 31, 2024, from US$394 million in the year-ago period, on a constant exchange rate basis. This was supported by double-digit growth across both its agency and partnership distribution channels, AIA said in its FY2024 earnings announcement in March.
Wong added that the insurer is “keeping a tight grip on (its) finances across the board” while ensuring long-term financial sustainability.
Customer experience also remains a focus. AIA Singapore is investing in digital transformation to improve engagement and operational efficiency for both customers and distributors. This includes ongoing efforts to advance its technology, data and analytics strategy.
The insurer is also growing its distribution network, which includes its agency force and in-house financial advisers. Its number of consultants increased from 5,500 in 2022 to about 5,900 in 2024.
