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Business Times
06-07-2025
- Business
- Business Times
AIA Singapore steps up wealth management ambitions even as it leverages ageing trend
[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. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 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.
Business Times
27-06-2025
- Sport
- Business Times
At Hyrox, a stern test of strength, endurance and determination
THIS weekend, the National Stadium at the Singapore Sports Hub in Kallang will be where thousands of athletes – many of them shirtless, sweaty and pumping with adrenaline – will put their strength, endurance and overall fitness to the ultimate test. To conquer Hyrox – as this popular competition is known as – one has to do everything from burpee broad jumps and sled pulls to rowing and sandbag lunges, to name just a few of the high-intensity workouts involved. There is also a fair bit of running involved – eight rounds of 1 km each. Those who sign up can choose to either go it alone, team up with a partner in the doubles, or enter the relay. The format is consistent across all events, allowing for global leaderboards and a world championship. Founded by German entrepreneur Christian Toetzke and two-time field hockey Olympic gold medallist Moritz Furste, Hyrox has come a long way from its first event in Hamburg back in 2018 where there were just 650 participants. The 2025 season features more than 90 races with over 550,000 athletes and 350,000 spectators, with stops in Australia, the United Arab Emirates, Italy, Denmark and the United States, among others. Singapore staged its first Hyrox event in 2023, followed by two more last year. The latest edition – set to take place on Saturday (Jun 28) and Sunday – has AIA on board as the official title partner, with the event known as the AIA Hyrox Open Asian Championships 2025. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Besides the usual singles, doubles and relay races, this weekend will see athletes from across Asia compete against one another in a mixed relay championship. There will also be a corporate relay category for the first time where teams of employees will engage in friendly competition. Hyrox participants have to complete eight rounds of one functional workout station and a 1 km run. PHOTO: HYROX APAC As part of its sponsorship and in a first for the Hyrox championships, AIA Singapore is providing both participants and sponsors with complimentary personal accident coverage when they purchase their tickets, with the coverage lasting the entire month of June. AIA Singapore is fielding a team in the corporate relay too, led by chief executive officer Wong Sze Keed. One of the other three members is general counsel and company secretary Penny Koo, who led a team to victory at the Hyrox Hong Kong women's corporate relay last year. Koo, who is in her 40s and has been with the company since 2012, will be taking part in her fourth Hyrox event. Her last Hyrox outing was in Seoul last month, where she competed in the women's doubles with a friend from her gym. BT Weekend recently met the affable lawyer at the Bugis Junction branch of Fitness First, an official Hyrox training club and an AIA Vitality partner. During the lively 30-minute chat, Koo opened up about her passion for Hyrox and how she balances the demands of work and her love for exercise and fitness. This transcript has been edited slightly for brevity. You have been general counsel for the company for eight years now. What does the job entail? I am responsible for all legal and corporate secretarial matters. I lead a team of 14 people, and we shape the legal strategies for the organisation, and provide advisory, transactional and governance support. With so much on your plate, do you have to work over the weekends very often? As an executive in today's world, almost everyone has a work phone, so the job never really stops. You have to set your own boundaries, and I am very privileged that our management team and colleagues respect personal boundaries. For the most part, with the ongoing focus on mental wellness, we really do encourage our folks to take care of themselves. Yes, the work will need to be done, but it is important to have that balance with enough rest, training and exercise. Have you always been this physically fit and active? I was born premature, about two months early when my mum fell down the stairs, so I would say I did not have the strongest start in life. I was diagnosed with severe childhood asthma, not long after I underwent surgery at three years old to remove a neck tumour. I remember spending a lot of time at the hospital when I was a kid, and that also meant that when I went to kindergarten and primary school, I was the student with a doctor's letter to exempt me from PE (physical education) classes. I thought to myself, hey, life is so unfair. So I tossed out the doctor's note, as I refused to be wrapped in cotton wool all my life. I was quite a stubborn kid. I did get some asthma attacks after I did some running or exercise, but it was not that bad, and I had my inhaler with me. By the time I was in secondary school, I somehow stopped having these asthma attacks, and things just got better over time. I went on to represent my school in swimming and netball. Penny Koo training on the SkiErg, a cardio machine that simulates cross-country skiing and involves a pulling motion with handles. This is one of the eight stations at a Hyrox event. PHOTO: AIA SINGAPORE What is your fitness or exercise routine like these days? I train every day. I make time for my exercise, and on Sundays I make sure I block out time throughout the week for my training. If it is in the calendar, there is a greater chance that it will happen. I am up at about 5.30 am, and I will do strength training from about 6.30 am for about two hours, before heading to work. I may go for a run on some evenings. I also enjoy swimming and going for yoga. How did AIA make the decision to be the title partner of Hyrox in Singapore? There is clearly a lot of synergy between what we want to achieve together. Our mission and purpose is to help people live healthier, longer and better lives. Hyrox has been trending for some years now as a very popular event that has mass market appeal, with a global reach and various categories for people of all ages and capabilities. There are also adaptive divisions, so we saw it made a lot of sense (for Hyrox and AIA) to come together. Other than this weekend's competition at the National Stadium, we are also launching an AIA Ultimate Fitness Fest in August and September, with support from Hyrox. It is a variation of the official Hyrox races with a university edition and an open edition to cater to participants across all fitness levels. What is it about Hyrox that you enjoy? It is about being together with like-minded people at a well-run event with a great atmosphere. I have competed at Hryox in three places – Singapore, Hong Kong and, just last month, South Korea. No matter the venue, there is so much energy and everyone is cheering for you, even if they do not know your name or where you are from. I also think that for people who are starved of time, these types of high-intensity exercises are something that anyone can do in a short amount of time. And when you are doing these high-intensity workouts, I do not think your brain can think about anything else other than what you are doing at that moment. It is almost like you force yourself to take a break, whether it is from work or your phone or something else. All you can focus on in, that moment, is yourself, and the workout you have committed to attempt and complete.
The Sun
30-04-2025
- Business
- The Sun
AIA Singapore celebrates SG60 with a year of initiatives to empower holistic well-being across the nation
SINGAPORE - Media OutReach Newswire - 30 April 2025 - AIA Singapore today announced a year-long line-up of initiatives designed to connect with Singaporeans across all ages, empowering individuals to enhance their holistic wellness. Aligned with nationwide celebrations, these initiatives also emphasise giving back to the community, reinforcing AIA Singapore's commitment to continue making a meaningful impact in Singapore and for its people. These initiatives include: Launching a customised 'Live Better with AIA' Monopoly game set to empower individuals and families to embrace a holistic approach to life, focusing on physical, financial, and mental wellbeing. Rolling out a family-centric campaign to encourage Singaporeans to strengthen and secure their family's financial future. Partnering with Rainforest Wild ASIA at the Mandai Wildlife Reserve to inspire a love for nature and wildlife amongst Singaporeans by encouraging meaningful connections that improve wellbeing. Series of events specifically catered to affluent and High-Net-Worth (HNW) clients from the AIA Altitude programme, providing them with bespoke experiences that reflects our 'Wealthbeing by AIA' proposition. Strengthening community bonds with Corporate Social Responsibility (CSR) activities focused on giving back to less-privileged members of society communities and making a positive social impact. 'AIA Singapore has proudly championed the health and well-being of Singaporeans across generations. As needs evolve, we remain committed to introducing innovative initiatives that promote holistic well-being and redefine what it means to live a healthy and active lifestyle. As Singapore marks its 60th birthday, we reaffirm our dedication to helping Singaporeans live Healthier, Longer, Better Lives,' said Irma Hadikusuma, Chief Marketing and Healthcare Officer of AIA Singapore. Live Better with AIA x Monopoly The 'Live Better with AIA' Monopoly game set is Singapore's first-ever insurer-customised edition of the iconic game. Designed to reflect the nation's unique culture and experiences, it takes players through key life milestones and decisions, highlighting challenges and opportunities in health, wellness, financial planning, and social responsibility. Some stand-out features of the 'Live Better with AIA' Monopoly game set include: Street tiles representing a Singaporean's continuous journey of self-growth: Each tile represents distinct lifestyle enhancements, from essential needs to ultimate luxury. By integrating local cultural elements and unique Singaporean experiences, the tiles are designed to reflect the players' diverse aspirations. Traditional houses and hotels replaced with Upgrades and Transformations: Upgrade represents a significant milestone in enhancing one's lifestyle, such as advanced workshops, personalised wellness plans, or high-end home features. Transformations signify even higher levels of achievement, like attaining expert certifications, investing in luxury property, or accessing exclusive experiences. 'Chance' cards with a local flavour: Chance cards incorporate Singaporean slang while retaining their original outcomes. Players are encouraged to get up and move to earn their cash, promoting an active lifestyle. 'Community chest' cards with relatable life moments and community engagement: Players can experience a range of real-life scenarios, such as earning bonuses, receiving angbao money at Chinese New Year, and celebrating family milestones like winning an award. Irma said, 'The Live Better with AIA Monopoly goes beyond financial planning. It's a platform for families to bond over, learn together, and make informed decisions that enhance their holistic wellbeing. It's not just about winning – it's about building a life filled with purpose, personal growth, and meaningful connections.' The 'Live Better with AIA' Monopoly game set is exclusively available through AIA insurance representatives. More details can be found here: AIA Better Together Promotion To celebrate SG60 and the National Family Festival in June, AIA Singapore is launching a special campaign to help families safeguard their financial future. From 6 May to 31 July 2025, AIA Singapore is offering up to 20% off eligible plans plus a free family adventure pass to Mandai Wildlife Reserve (worth S$200). This initiative aligns with the national focus on families, empowering Singaporeans—especially young families—to build a strong financial foundation for the future. It also reflects AIA Singapore's commitment to supporting and strengthening families, recognising their vital role in shaping a resilient society. More details on tthe promotion can be found here from 6 May: AIA Singapore's tapir adoption and AIA Vitality bounce sponsorship at Rainforest Wild ASIA In February this year, AIA Singapore celebrated the opening of Rainforest Wild ASIA at Mandai Wildlife Reserve, reinforcing its commitment to community engagement, wildlife conservation, and healthier lifestyles. As AIA Singapore continues to support initiatives that promote well-being and sustainability, this collaboration aligns with the AIA One Billion initiative, which aims to empower one billion people to live Healthier, Longer, Better Lives by 2030. For more details, please refer to the press release. Elevating the 'Wealthbeing by AIA' Proposition for high-net-worth clients (HNW) As part of AIA Singapore's continued efforts to serve affluent and HNW clients in Singapore and across the region, a curated series of events, momentos and experiences catering specifically to AIA Altitude members will be held throughout the year. Members of the by-invite-only programme will be provided access to unique and bespoke opportunities that reflect the 'Wealthbeing by AIA' proposition, our belief that true wealth transcends mere financial wellness and encompasses holistic wellness. Additionally, AIA Altitude Pinnacle members celebrating their 60th birthday in 2025 will be gifted an exclusively designed Silk Scarf designed by local designer and founder of Singapore lifestyle brand Onlewo, Mike Tay[1]. The design on the scarf captures the dynamic blend of Singapore's heritage and progressive nature. The exquisite design mirrors AIA Singapore's commitment to evolve alongside customers as a trusted partner in health and wealth, a similar reflection Singapore's transformation in the past six decades into a metropolitan city. AIA Altitude will also be partnering with the Michelin Guide to present Gastronomic Heritage, a booklet featuring prominent four family-owned restaurants and chefs from Singapore, each with a rich legacy spanning multiple generation. Pulling parallels between these eateries and one's wealth planning journey, Gastronomic Heritage will spotlight key values about legacy building and inheritance, spurring AIA Altitude members to curate conversations about growing and protecting their wealth holistically. They will also be treated to an experiential, specially curated dish or experience at these featured restaurants. Other exclusive events for AIA Altitude members lined up for the year include wine and sake pairing sessions with featured brands from Gastronomic Heritage, exclusive SG60 National Day celebration at the AIA Wealth Centre overseeing the view of Padang, a trip to local Gin distillery Brass Lion, paired with a hands-on experience to craft an exclusive bottle of Gin infused with familiar local flavours, and more. Beyond leisure and enjoyment, these events will also incorporate insightful business topics, ranging from investment strategies and legacy planning to wealth enhancement, empowering AIA Altitude members to achieve holistic success in both their personal and professional lives. AIA strengthens community bonds through increased focus on CSR Initiatives AIA Singapore is dedicating the year to giving back to the community through a series of CSR initiatives, with AIA staff and insurance representatives participating in volunteer programmes to support those in need. Its adopted charities will also be invited to share about their mission and needs at various AIA office locations, encouraging employees and AIA insurance representatives to contribute meaningfully. This year, we will also recognise and celebrate the efforts of 'AIA Connecting Lives' volunteers who dedicate their time to serving the community. Additionally, as part of AIA Singapore's sponsorship of Mandai Rainforest Wild Asia, special edition tapir plushies will be available for sale with all proceeds going to the AIA Better Lives Fund. 'SG60 is not just a time for celebration but also a moment of reflection on our shared values and goals as Singaporeans. This year, as we embrace 'Building Our Singapore Together,' we recognise that each of us has a role to play in supporting one another and shaping a stronger, more resilient nation,' said Irma. [1] Mike Tay was also featured among the top 50 Most Influential Singapore Designer in Singapore Tatler Homes, 2016. More information available at: * AIA Better Together Promotion 2025 Terms & Conditions apply
New Paper
25-04-2025
- Business
- New Paper
Jail for ex-AIA agent who breached client's trust, misappropriated $20k
An insurance agent with AIA Singapore abused the trust of her long-time client, who was also her friend, when she misappropriated $20,000 of the latter's money. Zaibun Nesa Haji Adam, 65, later lost more than $13,000 of that amount to a scam. On April 25, she was sentenced to eight months and two weeks' jail after she pleaded guilty to one count of criminal breach of trust. Now unemployed and no longer working with the insurance firm, Zaibun had made a voluntary restitution of $1,000 to the 68-year-old female victim who had been her client for more than 10 years. AIA reimbursed the remaining $19,000 to the victim out of goodwill. Zaibun had not made any restitution to the firm, the court heard. Deputy Public Prosecutor Ryan Lim told the court that in late June 2021, the victim contacted Zaibun as she wanted to buy an insurance plan for her old age and retirement. The victim had previously bought several insurance policies from AIA through Zaibun, said the prosecutor. When the two women met the next month, Zaibun proposed that the victim invest between $12,000 and $20,000 in a policy. The victim opted to invest $20,000 and was deceived into directly transferring the money to Zaibun's bank account. Zaibun had claimed that the AIA centre was closed and the funds would have to be transferred by proxy through her, DPP Lim said. She misappropriated the money soon after, using nearly $13,600 of her ill-gotten gains to pay a "release fee" for a purported overseas investment, in which she was promised US$6.2 million (S$8.1 million) in profits. This "overseas investment" later turned out to be a scam, and Zaibun lost this portion of the money that the victim had entrusted to her. The DPP said that it was unclear what Zaibun did with the rest of her ill-gotten gains. The victim's application for the investment policy eventually lapsed as the $20,000 was not paid to AIA. Zaibun's offence came to light when the victim made a complaint to the firm over the lapsing of her policy, and an insurance investigator alerted the police in August 2022. On April 25, DPP Lim asked the court to sentence Zaibun to between eight and nine months' jail, stressing that she had not made an adequate restitution. He added: "The victim had previously purchased policies through the accused for both her and her family and considered (Zaibun) a trusted friend. "Indeed, intimate human relationships such as friendships are based, first and foremost, on trust. An abuse of one's position of trust and friendship should be taken seriously." Lawyers Tang Shangwei and Warren Tian from WongPartnership, who represented Zaibun pro bono, pleaded for their client to be given five months' jail. They stated in court documents she had been struggling with various medical conditions including diabetes and irritable bowel syndrome between June and August 2021. The court heard that she is also the sole caregiver of her husband, who has various health issues including colon cancer. According to the lawyers, foreign scammers had duped their client into putting money in an investment scam in early 2020. They added: "(Zaibun's) state of mind was far from motivated by greed or financial gains. "This is given that (she) was in despair from the health issues she and her husband were battling with, the financial struggles she was facing to support her family, and the pressure she was facing from the foreign scammers." Zaibun's bail was set at $15,000 on April 25 and she is expected to surrender herself at the State Courts on June 25 to begin serving her sentence.
Straits Times
25-04-2025
- Straits Times
Jail for ex-insurance agent after misappropriating $20k from long-time client and got scammed
Jail for ex-insurance agent after misappropriating $20k from long-time client and got scammed SINGAPORE - An insurance agent with AIA Singapore abused the trust of her long-time client, who was also her friend, when she misappropriated $20,000 of the latter's money. Zaibun Nesa Haji Adam, 65, later lost more than $13,000 of that amount to a scam. On April 25, she was sentenced to eight months and two weeks' jail after she pleaded guilty to one count of criminal breach of trust. Now unemployed and no longer working with the insurance firm, Zaibun had made a voluntary restitution of $1,000 to the 68-year-old female victim who had been her client for more than 10 years. AIA reimbursed the remaining $19,000 to the victim out of goodwill. Zaibun had not made any restitution to the firm, the court heard. Deputy Public Prosecutor Ryan Lim told the court that in late June 2021, the victim contacted Zaibun as she wanted to buy an insurance plan for her old age and retirement. The victim had previously bought several insurance policies from AIA through Zaibun, said the prosecutor. When the two women met the next month, Zaibun proposed that the victim invest between $12,000 and $20,000 in a policy. The victim opted to invest $20,000 and was deceived into directly transferring the money to Zaibun's bank account. Zaibun had claimed that the AIA centre was closed and the funds would have to be transferred by proxy through her, DPP Lim said. She misappropriated the money soon after, using nearly $13,600 of her ill-gotten gains to pay a 'release fee' for a purported overseas investment, in which she was promised US$6.2 million (S$8.1 million) in profits. This 'overseas investment' later turned out to be a scam, and Zaibun lost this portion of the money that the victim had entrusted to her. The DPP said that it was unclear what Zaibun did with the rest of her ill-gotten gains. The victim's application for the investment policy eventually lapsed as the $20,000 was not paid to AIA. Zaibun's offence came to light when the victim made a complaint to the firm over the lapsing of her policy, and an insurance investigator alerted the police in August 2022. On April 25, DPP Lim asked the court to sentence Zaibun to between eight and nine months' jail, stressing that she had not made an adequate restitution. He added: 'The victim had previously purchased policies through the accused for both her and her family and considered (Zaibun) a trusted friend. 'Indeed, intimate human relationships such as friendships are based, first and foremost, on trust. An abuse of one's position of trust and friendship should be taken seriously.' Lawyers Tang Shangwei and Warren Tian from WongPartnership, who represented Zaibun pro bono, pleaded for their client to be given five months' jail. They stated in court documents she had been struggling with various medical conditions including diabetes and irritable bowel syndrome between June and August 2021. The court heard that she is also the sole caregiver of her husband, who has various health issues including colon cancer. According to the lawyers, foreign scammers had duped their client into putting money in an investment scam in early 2020. They added: ' (Zaibun's) state of mind was far from motivated by greed or financial gains. 'This is given that (she) was in despair from the health issues she and her husband were battling with, the financial struggles she was facing to support her family, and the pressure she was facing from the foreign scammers.' Zaibun's bail was set at $15,000 on April 25 and she is expected to surrender herself at the State Courts on June 25 to begin serving her sentence. Shaffiq Alkhatib is The Straits Times' court correspondent, covering mainly criminal cases heard at the State Courts. Join ST's WhatsApp Channel and get the latest news and must-reads.
