Insurance giants AIA (1299) and Prudential (2378) have set up new roles in Hong Kong, aiming to enhance their wealth businesses in Asia, Bloomberg reported.
Chirag Rathod recently joined AIA as chief executive of its global high-net-worth business in Hong Kong, which is a newly created position, the report said, citing sources familiar with the matter.
Similarly, Prudential hired Donna Cotter in a newly created role - CEO for wealth and Bermuda this month, according to its announcement.
French insurance firm AXA also launched a platform this month in its Hong Kong and Bermuda offices, offering insurance policy purchase services for its high-net-worth clients.
With more and more wealth flowing into Hong Kong and Singapore, insurance companies are accelerating their pace of expanding wealth businesses in Asia, targeting the region's growing number of rich customers.
This came as mainlanders deepen their chase for higher returns, while geopolitical risks boost wealthy individuals' demand for protecting their assets.
A Prudential spokesperson said that Cotter's appointment reflects the group's commitment to fulfill the evolving wealth and protection needs of high-net-worth clients in Asia.
