Article date: 10 September 2014
Aviva Asia is pleased to announce the appointment of Mr Yu Ning (“Richard”) as President of Aviva-COFCO Life Insurance (“Aviva-COFCO”), its joint venture in China. The appointment is effective immediately and, as President, Richard will be responsible for overseeing all the business operations and driving the ambitious growth of Aviva-COFCO, a top seven foreign life insurer in China.
Richard has been interim President of Aviva-COFCO since August 2013. During this time he has made a significant contribution to the joint venture’s development, as exemplified by the 144% increase in value of new business to £20m (US$33m) in the six months to 30 June 2014, compared to the previous year.
A graduate of the University of International Business and Economics in Beijing, China, with a degree in International Finance, Richard also holds an EMBA from The China Europe International Business School in Shanghai. Prior to being named interim President, Richard held the position of Chief Financial Officer for five years.
Khor Hock Seng, Aviva Asia Chief Executive Officer, said:
“We are delighted to have someone of Richard’s calibre and experience at the helm of one of our core businesses in Asia. He was involved in the founding of Aviva-COFCO in 2003 and under his recent interim leadership, the business has continued to grow rapidly.
We have one of the broadest footprints of any foreign life insurance joint venture in China, spanning 54 cities in 12 provinces. This is a strong foundation on which to scale up our operations and strengthen our distribution capabilities so that we can deliver our ambitious growth plans. Richard’s deep local market expertise and local knowledge will be invaluable in increasing Aviva-COFCO’s market share and profitability in the China market in the years to come. This appointment, like others before it, underscores our commitment to growth in our core markets of Greater China and Southeast Asia.”
Richard Yu commented:
“The Chinese life insurance industry is growing at an incredible pace, and we are seeing increasing demand for life and high-end health insurance products. Aviva-COFCO has strong partnerships with ten of the leading banks in China, we are growing strongly and have exciting prospects. I look forward to continuing to work with the team and our partners to deliver products and services that best meet the needs of our diverse and growing customer base.”
Through its 50:50 joint venture with COFCO in China, Aviva Asia offers life and health insurance products to its customers through a variety of distribution channels, including agency, broker, bancassurance, telemarketing and direct marketing. COFCO is the largest supplier of diversified products and services in the agricultural products and food industry in China.
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About Aviva Asia
- Aviva operates in seven markets in Asia (China, Hong Kong, India, Indonesia, Singapore, Taiwan, and Vietnam).
- Aviva ranks among the top seven foreign life insurer in China through 50% joint venture with COFCO Corporation, operating in twelve provinces and over 54 cities.
- Aviva has had a presence in Hong Kong for more than 150 years.
- Aviva operates in partnership with the Dabur Group in India, with a wide distribution network of 121 branches spreading across nearly 1,000 towns and cities.
- In Indonesia, Aviva signed an agreement to enter into an equal joint venture agreement with Astra International, the biggest publicly listed company in Indonesia to sell and distribute life products.
- Aviva is a top five life insurer in Singapore and one of the biggest providers of employee benefits and healthcare insurance.
- Aviva operates in partnership with First Financial Holdings in Taiwan, with a wide distribution network of 190 bank branches.
- In Vietnam, Aviva operates as Vietinbank Aviva Life Insurance Ltd Co, a joint venture with Vietnam Commercial Joint Stock Bank of Industry and Trade.