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AIA Group SWOT and PESTLE Analysis

ID : 52548753| Jul 2023| 22 pages

COMPANY PROFILE -AIA Group

Business Sector :Insurance and Financial Services

Operating Geography :Asia Pacific countries except Japan

About AIA Group :

American Insurance Association (AIA), headquartered in Hong Kong, is the largest pan-Asian life insurance group operating in 18 countries of Asia Pacific excluding Japan. These countries are China, Hong Kong, Singapore, Thailand, Philippines, Malaysia, Brunei, Australia, New Zealand, Macau, Indonesia, Korea, Taiwan, Vietnam, India, Sri Lanka, Myanmar (representative office) and Cambodia. They provide insurance services for both individual and businesses. For individuals, they offer Life insurance, medical insurance, Accident protection, Critical illness protection, Disability protection and savings. For businesses, they provide, pension services and employee benefits to corporate clients to cover their employees', protection, health, and retirement needs.
AIA is 100% focused on Asia-Pacific, being the largest insurer in the world insuring people with total sum assured of over US $1 trillion. They made 13 million benefits payment to beneficiaries in 2018 to help customers and their families cope with challenges. In 2010, it successfully featured on the Hong Kong stock exchange, the third-largest IPO ever globally at the time. Other than insurance services, they promote AIA Vitality, a science-based health wellness program for a positive change. They creatively promote health wellness by knowledge and tools for achieving health goals. They give opportunity to complete fitness assessments and full health and earn points for completing those activities which can be used as discount for shopping, travel, entertainment, and other purchases. These are sold on initial purchase of eligible life insurance policy. As of 2023, AIA employees more than 23,000 people.

AIA works with the Vision of becoming the world’s largest life insurance provider to customers and shareholders. AIA’s Mission statement reads “to service societies and people by playing leadership role in economic and social development across the region.” AIA’s USP or unique selling proposition lies in being the second-largest life insurance company in the world, ranked by market capitalization.

AIA Group Revenue :


$ 3,092 million (VONB) – FY ended 31st December 2022 (y-o-y decline of 14.7%)
$ 3,623 million (VONB) – FY ended 31st December 2021

Competitive Analysis of AIA Group

SWOT
PESTLE
The SWOT analysis for AIA Group is presented below:
Strengths
Weaknesses
1. Market leader in Asia (ex-Japan) based on life insurance premiums and holds leading position in majority markets.
2. Strong cash flow position and total assets under management
3. Diversified portfolio like life insurance, employment benefits etc.
4. It has strong credit worthiness
5. Acquisitions and joint ventures have helped the group to expand
1. Non-adaptive to niche markets
Opportunities
Threats
1. Change in customer preferences with growing market
2. Low market penetration presents great potential
3. Efficiency increments through digitalization
4. Growth opportunities in existing countries
5. Promising outlook for the Asian life insurance sector
1. High dependence on Hong Kong
2. There is high competition pressure
3. Changing government regulations can affect business growth
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Detailed SWOT Analysis of AIA Group

 

Strength

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Weakness

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Opportunity

1. Change in customer preferences with growing market: Increase in healthcare awareness among people has provided the opportunity for AIA to expand and diversify its protection-oriented portfolio and develop new revenue streams. Ageing population, increasing need for retirement savings, awareness of life style related diseases, rapid urbanization and significant wealth creation are the factors contributing in change in customer preferences. Like in India, there is a significant gap of protection insurances of which AIA can avail this opportunity through partnerships and joint ventures. With reference to the Annual Report 2022, middle-class population in Asia (excluding Japan) is expected to get doubled by year 2025, crossing Europe and North America and middle-class expansion by more than seven times in the continent by 2020 which provides large customer base in future for the company. In addition to this, there is increase in prevalence of lifestyle related disease as 49% of all the non-communicable diseases deaths globally are covered by Asia (excluding Japan). Also, the income of the population is going to increase and this will lead to a demand for better health products. So, there is a large scope to capture the growing market.

2. Low market penetration presents great potential: Low awareness of protection insurances, untouched markets and targeting new customers are the causes of low penetration. Life insurance premiums penetration in Asia ex-Japan markets stands at an abysmal 2.4% of GDP. This is remarkably lower than the developed countries such as US (3.5%), Italy (6%), UK (8%) and Japan (8%). As per theory, the penetration rate should justly figure above the ratio of the developed economies, given the relatively low amount of social spending and high savings rate. AIA partnership with its 7 largest partner banks having access to more than 60 million existing customers provide only 2% of penetration of AIA products and provide significant potential new customers for future profitable growth. This can be developed through deepening engagement with strategic partners, through non-traditional partners expand distribution reach, engage customers in healthy living, increase customer engagements and develop the market capabilities using data analytics according to each country market.

The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

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TABLE OF CONTENTS
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References used in AIA Group SWOT & PESTLE Analysis Report

1. Annual report 2022 - https://www.aia.com/content/dam/group-wise/en/docs/annual-report/Annual_Report_2022_ENG.pdf<br. 2. AIA group cash flow - https://www.investing.com/equities/aia-group-cash-flow
3. Investor relations - https://www.aia.com/content/dam/group-wise/en/docs/investor-relations/2023/AIA%20Group%202022%20Annual%20Results%20Ann%20(Eng).pdf
4. Macro trends - https://www.macrotrends.net/stocks/charts/AAGIY/aia/debt-equity-ratio#:~:text=Current%20and%20historical%20debt%20to,June%2030%2C%202022%20was%200.29

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AIA Group SWOT and PESTLE analysis has been conducted by Shreya Tayal and reviewed by senior analysts from Barakaat Consulting.

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