AIA Australia has confirmed the appointment of Susan Looi to the position of chief risk officer, expanding its executive leadership team.
Looi brings more than two decades of experience in the financial services sector, having worked across insurance, reinsurance, superannuation, and banking, both within Australia and internationally.
Looi’s career includes executive roles at ANZ Banking Group, Reinsurance Group of America, and Zurich Insurance Group, where she was responsible for risk management, actuarial functions, strategy, and sales.
Her experience covers engagement with regulatory bodies and board-level governance, equipping her with a comprehensive understanding of risk oversight in the financial services industry.
She is a fellow of the Actuaries Institute, holds the CERA Chartered Enterprise Risk Actuary designation, and is a graduate of the Australian Institute of Company Directors.
Looi has also completed executive education at Melbourne Business School.
Her industry involvement includes serving on the Risk Management Association’s committee and chairing the Risk Management Committee of the Actuaries Institute of Australia.
Damien Mu, CEO of AIA Australia, said that Looi’s expertise will be instrumental in supporting the company’s risk management framework and strategic objectives.
“With her valued knowledge and expertise, Susan will provide critical support and leadership, as we pursue our vision for Australia to be the healthiest and best protected nation in the world,” he said.
“I’m excited to join leading life and health insurer AIA Australia, with its depth of talent and a vision that resonates deeply," Looi said. "Over the last few weeks, I’ve witnessed how AIA Australia is dedicated to helping Australians live healthier, longer, better lives. I’m looking forward to helping AIA Australia deliver on its commitment to improve the health and wellbeing of the nation.”
The announcement of Looi’s appointment coincides with AIA Group Limited’s release of its financial results for the year ending Dec. 31, 2024.
The group reported increases in several key metrics, as well as enhanced capital returns to shareholders.
For the 2024 financial year, AIA Group recorded an 18% increase in the value of new business (VONB), reaching US$4.71 billion.
Annualised new premiums (ANP) rose by 14% to US$8.61 billion.
All business segments contributed to double-digit VONB growth, and the VONB margin improved to 54.5%.
The group’s embedded value (EV) equity was reported at US$71.6 billion, reflecting a 9% per-share increase after capital distributions.
Embedded value operating profit reached US$10.03 billion, up 19% per share.
The operating return on embedded value (ROEV) increased to 14.9%.
Operating profit after tax (OPAT) rose 12% per share to US$6.61 billion.
