AIA Thailand’s investment management unit, which began operating in the third quarter of 2020, expects assets under management to top 1 trillion baht (US$30.34 billion) by the end of this year, driven partly by returns from local and foreign stocks, according to a report in the Bangkok Post, quoting the firm’s top executive.
AIA Thailand is a unit of Hong Kong-based AIA Group Ltd. The company is only the third foreign insurer in the Southeast Asian country with its own asset management unit, after Canada’s Manulife Financial Corp and the UK’s Prudential plc.
AIA Investment Management Thailand’s assets currently stand at 853 billion baht, and its investments in Thai and global equities have already gained 16% and 11%, respectively, this year, says Chief Executive Officer Sukkawat Prasurtying.
“We are confident that the assets under management could reach 1 trillion baht from the growing customer base, and network of insurance sales agents, as well as the performance of domestic and global equities funds,” he is quoted as saying in the September 14 report.
The firm was set up in August 2020 with 847 billion baht of assets transferred from AIA Thailand, housed in five domestic funds and four foreign funds.
AIA Group had $284 billion of total assets as of end-2019, and offices and agents in 18 countries in Asia Pacific.