BNY (NYSE:BK), the global financial services company, announced a new agreement with AIA and BlackRock as AIA transforms its investment platform, to support the company’s long-term investment program.
Through this agreement, AIA will “implement BlackRock’s Aladdin, a technology platform that unifies the investment management process, with BNY’s specialized investment operations and data management services and technology, to create a connected and scalable ecosystem to support AIA’s evolving investment activities.”
This will provide AIA with an end-to-end solution, empowering the Group’s investment professionals “with enhanced data and analytics capability, and more robust risk management tools.”
Mark Konyn, AIA Group Chief Investment Officer, said:
“This strategic collaboration brings our long-term investment program together with an enhanced ability to deliver industry-leading investment solutions and provide positive, sustainable outcomes for our stakeholders. As we work with BlackRock and BNY to transform our platform, AIA will continue managing our growing investment portfolio at greater scale to meet our performance, risk management and sustainable investment goals. With the solutions we are implementing, AIA will gain a single, consistent, and timely view across all asset classes allowing us to make even more informed investments across complex market environments.”
Rob Goldstein, Chief Operating Officer, BlackRock, said:
“We are thrilled to engage with AIA to deliver the breadth of Aladdin across AIA’s whole portfolio, including public and private assets, along with the ability to support insurance-specific needs. We look forward to working with BNY to deliver a seamless experience to AIA.”
Emily Portney, Global Head of Asset Servicing, BNY, said:
“We are proud to support AIA in enhancing their investment platform with a new data-driven operating model that will deliver critical insights, elevate the client experience and improve operational efficiency. We are also excited to continue our ongoing collaborative work with BlackRock, to deliver best-in-class solutions for our mutual clients.”
As noted in the update, AIA Group Limited and its subsidiaries “comprise the largest independent publicly listed pan-Asian life insurance group.”
It has a presence in 18 markets – “wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR, and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.”
The business that is now AIA was “first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$286 billion as of 31 December 2023.”
AIA meets the long-term savings and protection “needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans.”
The Group also provides “employee benefits, credit life and pension services to corporate clients.”
Through an extensive network of “agents, partners and employees across Asia, AIA serves the holders of more than 42 million individual policies and over 18 million participating members of group insurance schemes.”
