AIA Singapore has issued its inaugural sustainability report for the year 2024, highlighting its approach to integrating environmental, social, and governance (ESG) priorities into its operations, investment strategies, and customer offerings.
The report is organised around five key areas:
As part of its response to evolving health protection needs in Singapore, AIA Singapore rolled out new coverage options and partnerships.
The insurer launched a critical illness product, AIA Ultimate Critical Cover, designed to address the affordability and protection gap in the market. This policy features a reset benefit that reinstates coverage after claims, a feature aimed at improving access for younger policyholders.
AIA also made changes to its inpatient insurance benefits by including mental health services without additional premiums. This extension applies to over 1.3 million covered employees in Singapore, reflecting a shift toward more inclusive health benefits.
Through its wellness platform, AIA Vitality, the company reported that a majority of participating members experienced improvements in key health indicators by the end of 2024. Internal employee participation in the program was also high, with more members reaching silver and platinum status levels compared to the previous year.
The company expanded digital health access through its partnership with WhiteCoat, offering telemedicine and home-based health services to more than one million policyholders. These enhancements support AIA’s Think Well platform, which promotes mental well-being across its customer base.
The insurer continued to integrate ESG factors into its investment framework. In 2024, AIA Singapore advanced several blended finance projects and managed ESG-focused funds such as the AIA Sustainable Multi-thematic Fund and the Osmosis Resource Efficient Core Equity Fund. Staff were engaged in company-wide sustainability training to support this direction.
Operationally, the firm adopted various environmental measures, including reducing its reliance on printed materials and installing solar lighting at its Alexandra office. ESG criteria were also factored into procurement decisions, and energy efficiency monitoring was expanded to facilities in Brunei.
Efforts to build a more diverse and engaged workforce continued with expanded training programs, coaching initiatives, and mentoring. These measures contributed to AIA Singapore reaching the 82nd percentile in employee engagement benchmarks for the financial sector, based on Gallup’s global assessment.
On the governance front, the company emphasised the management of ESG-related risks within its overall enterprise risk framework. Steps were taken to strengthen cybersecurity protocols, data protection, and compliance systems. Training programs were updated to reinforce ethical conduct and responsible business practices across the organisation.
The publication of the sustainability report follows the release of AIA Group’s financial results for 2024.
The group reported an 18% increase in the value of new business, which reached US$4.71 billion. Annualised new premiums climbed to US$8.61 billion, with all divisions showing double-digit growth.
Other financial metrics also saw improvements. Embedded value rose to US$71.6 billion, while embedded value operating profit increased by 19% per share.
The group posted a 12% rise in operating profit after tax per share, totalling US$6.61 billion.
The company reaffirmed its target of achieving 9% to 11% compound annual growth in operating profit after tax per share through 2026. The return on equity grew to 14.8%.
