AIA Group Ltd has announced that Edmund Sze-Wing Tse (pictured) will retire from his role as independent non-executive chairman and board director on Sept. 30.
Tse has been a part of AIA’s leadership for over 60 years, having previously held executive positions before becoming the company’s first independent chairman.
The company’s board has selected Sir Mark Tucker to take over as independent non-executive chairman and director, starting Oct. 1, subject to regulatory approval. He will also chair the nomination committee and join the remuneration committee on the same date.
Tucker previously led AIA as its group CEO and president from 2010 to 2017 and is set to end his current position as group chairman of HSBC Holdings plc on Sept. 30.
His appointment marks a return to the insurer’s leadership at a time of continuing business expansion across Asia.
Tse, who led the selection process, stated that Tucker’s past contributions to AIA as CEO and president were considerable.
“Mark’s significant contributions to AIA during his tenure as the group chief executive and president have been substantial and enduring. His experience and expertise, both as a group chief executive and more recently his role as group chairman of one of the world’s largest financial institutions, ensures that AIA will benefit from his strong leadership. I am truly delighted to welcome Mark to the board,” he said.
Reflecting on his tenure, Tse added: “It has been the greatest honour of my professional life to serve AIA, both as an executive and as the first independent non-executive chairman. Throughout more than six decades with AIA, I have benefited from the support of outstanding colleagues, and I would like to thank all of them, past and present, for their unwavering support and dedication.”
In acknowledgment of his long-standing service, AIA’s board will bestow on Tse the honorary title of chairman emeritus following his retirement.
Lee Yuan Siong, AIA’s group chief executive and president, said that Tse’s leadership has been key to building a solid platform for AIA.
“On behalf of the board, I would like to express my profound appreciation to Edmund. AIA owes him a great debt for his unparallelled contributions over a remarkable career. His leadership, through a host of increasingly senior roles as an executive and more recently as the group’s first independent chairman, has enabled the group to put in place a strong and solid foundation,” he said.
Lee welcomed Tucker’s return, stating: “We are delighted to welcome back Sir Mark Tucker as our independent chairman. Sir Mark worked closely with Edmund in leading the company through its initial public offering during which he laid the foundations for AIA as a world leading independent listed group. Sir Mark’s very strong international reputation has only grown in the intervening years, and we look forward to benefiting from his deep experience in financial services and his passion for Asia as he leads our board forward.”
Tucker noted his longstanding relationship with Tse, saying: “I have known Edmund for many decades and have admired him as an executive, a fellow board member, and as a friend. He has done a remarkable job at AIA, and I wish him all the very best for a happy and fulfilling retirement.”
The leadership announcement coincided with the release of AIA’s first-quarter 2025 (Q1 2025) results.
The insurer reported a 13% increase in value of new business (VONB), reaching US$1.5 billion at constant exchange rates, driven primarily by robust activity in its Hong Kong business and continued interest from mainland Chinese customers.
Annualised new premiums rose 7% year-on-year to US$2.6 billion. AIA’s Hong Kong segment recorded a 16% growth in VONB, attributed to demand from both local clients and travellers from mainland China seeking offshore insurance coverage.
Meanwhile, the group’s business in mainland China experienced a 7% decrease in VONB, which the company linked to adjusted expectations for long-term investment yields and declining bond rates. China’s 10-year government bond yield fell to record lows by the end of 2024.
