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Citigroup, AIA launch annuity product on mainland
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Citigroup and Hong Kong-based insurer AIA Group launched an exclusive annuity product on China's mainland.
The rollout last week came after the announcement in late December that Citi had sealed a 15-year exclusive bancassurance deal with AIA. The deal allows Citi to sell AIA life insurance products through its network across Asia Pacific.
The first product launched in the Asia Pacific market was a joint life annuity product for couples, the first of its kind, the bank said in a statement earlier.
Citi used to have 52 insurance partners in the region but began consolidating them after the AIA deal, Jonathan Larsen, Citi's global head of retail banking and head of consumer banking for Asia Pacific, told Shanghai Daily.
“It's a simpler model for us to have just one partner, so that we can invest more with the partner to provide one-stop shopping and stronger digital delivery for our customers,” he said.
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