Success Story | AIA Partners with Deloitte on a Decade-Long Actuarial Transformation Journey

Client’s unique positioning and business challenges

As a leading life insurer in the world, AIA have always strived to be industry-leading in its way of doing business to achieve new heights, to better serve its customers and stakeholders across its 18 markets in Asia Pacific.

In 2010, AIA debuted on the Hong Kong Stock Exchange as the largest ever insurance IPO. To fulfill their high growth ambitions, the Finance & Actuarial function embarked on a transformation journey to design and implement an end-to-end financial reporting system landscape and operating model. This was done not only to meet the financial reporting standards required of a listed company, but also to provide a future-proof foundation for its continuous business expansion in the years to come.

How Deloitte helped client and value delivered

The AIA Finance & Actuarial function has continued to transform its practices over the years to lead the industry, and Deloitte have been their transformation partner throughout this journey. Below are two significant phases of our partnership over the past 10 years:

Soon after the IPO listing, AIA and Deloitte worked together to design and implement a Group-wide actuarial modelling target operating model, including the roles & responsibilities of the teams, positioning of the Shared Service Centre and standardisation of the systems and workflows. This was a key enabler for AIA Group to produce financial results in a high-quality, consistent and efficient manner. It also provided a scalable platform for future regulatory changes and business expansions. These practices were not only industry-leading at the time of implementation but have solidly stood the test of time.

In 2017, AIA and Deloitte embarked on another major phase of finance transformation driven by IFRS 17 implementation. This new accounting standard presented significant challenges to insurers around the world on its financial reporting systems, data and processes. Leveraging the strong foundation laid out previously, AIA and Deloitte partnered to deliver Group-wide data, systems and processes solutions to meet the requirements of IFRS 17. Not only did AIA meet the effective date of 2023, but they also completed testing a year ahead, allowing themselves ample time to get ready to embed IFRS 17 into business.

There is no doubt the AIA Finance & Actuarial function will continue to evolve and transform as it strives to lead the industry. Deloitte will be alongside AIA, wherever the journey takes us.

AIA recognition to Deloitte

“I wanted to take a moment to express our appreciation for the modelling support Deloitte has provided AIA in our journey of Actuarial transformation. Deloitte has proven to be a trusted and reliable partner, and their contributions have been invaluable. Their deep industry knowledge and forward-thinking strategies have been instrumental in various phases of our journey. Furthermore, the execution-focused professionals at Deloitte have helped us to implement these strategies effectively.

As our journey continues, we are confident that we now have a strong and enabling foundation, thanks to the support from Deloitte. This solid base together with our industry-leading practices facilitates our growth and development in the future. We are grateful for the partnership we have with Deloitte, and we look forward to continuing to work with them in the future.”

Mr. Ken Chan
Head of Actuarial Solutions Architecture at AIA

For business inquiries, please contact:

Simon Dai
Partner, Asia Pacific Actuarial Leader
Email: simondai@deloitte.com.hk

Ophelia Au Young
Partner, China Actuarial Leader
Email: oauyoung@deloitte.com.hk