AIA completes acquisition, names new CEO for Blue Cross

AIA Group has completed the acquisition of local insurer Blue Cross (Asia-Pacific) and Blue Care from the Bank of East Asia. The company has appointed Bonnie Tse as Blue Cross’ CEO.

According to the press release, AIA Group has acquired 100% of Blue Cross (Asia-Pacific) and 80% of the shares in Blue Care JV (BVI) from The Bank of East Asia, as well as the remaining 20% of Blue Care shares from Bioworld Investments.

Bonnie Tse has been named chief executive officer of Blue Cross, who will be reporting to Alger Fung, chief executive officer of AIA Hong Kong & Macau. Tse will provide management oversight for Blue Cross and Blue Care to unlock significant growth potential for AIA and help drive AIA’s integrated healthcare strategy.

Prior to her new position, Tse was the chief customer, strategy & transformation officer of AIA Hong Kong & Macau, and was instrumental in orchestrating its strategic direction to ensure organisational agility and sustainable success.

Tse has contributed immensely to driving holistic strategies to achieve business and profitability goals, as well as enterprise-wide transformation.

Alger Fung, CEO of AIA Hong Kong & Macau, said: “The successful completion of the acquisition is a significant achievement for AIA and BEA. Not only will it accelerate AIA’s health and wellness strategy in Hong Kong, but also further deepen our bancassurance partnership with BEA. Under Bonnie’s leadership at Blue Cross, we look forward to helping more customers live Healthier, Longer, Better Lives.”

The acquisition has received regulatory approval and marks another milestone in the long-term cooperation between AIA and BEA, following the successful commencement of the bancassurance partnership in July 2021 and the completion of the acquisition of BEA Life in September 2021.

Previously in March this year, the Bank of East Asia (BEA) was planning to sell Blue Cross (Asia-Pacific) Insurance (Blue Cross) to AIA Group. As part of the transaction, Blue Cross will become the exclusive provider of non-life insurance products for BEA’s personal banking customers in Hong Kong for a period of 15 years.

In a statement, BEA said this transaction will expand the scope of BEA’s existing life partnership with AIA, bringing benefits to customers and providing further sales opportunities. The total consideration for the transactions is HK$2.17 billion. BEA is expected to book a disposal gain of approximately HK$1.53 billion in the current financial year. Taking into account the prevailing business conditions upon completion of the transactions, the bank said its board of directors will decide on the use of proceeds from the disposals, which may include a return to shareholders.

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