Asian insurer AIA Group sealed a multi-billion dollar deal with New York-based Citi in December to distribute its policies across the region.
AIA, which separated fully from bailed-out AIG in 2012, now has exclusive rights to distribute insurance products via its branch network in 11 Asia-Pacific markets to Citi’s corporate clients as well as to about 13 million retail cardholders and banking customers.
The deal turbo-charged AIA's strategy of deepening its bancassurance partnerships. Even though it had 120 bancassurance relationships as of May 2010, many were not exclusive, such as its tie-up with ICBC in China.
SNL's infographic shows how Citi's network will enhance AIA's ability to reach Asia's rapidly expanding middle class, which is increasingly looking to protect its improving lifestyle.
AIA is scheduled to release its 2013 full year results on February 21 and analysts are keen to hear details about how AIA’s partnership with Citi will work.