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Citi set to sell AIA products under pact
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Citigroup has sealed a 15-year bancassurance deal with the AIA Group to sell the life insurer’s products through its network across Asia Pacific.
The transaction is the biggest of its kind in Asia, Citi said in a statement yesterday, without disclosing any figures. The deal will offer AIA access to Citi’s 13 million customers in the region. The partnership may commence in January next year, the US bank said.
The agreement covers Australia, China’s mainland and Hong Kong, India, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
Life insurance penetration in those markets is around 2.6 percent of the population, below the US at 3.65 percent and UK at 8.44 percent, Citi said in the statement.
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