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    1299   HK0000069689

AIA GROUP LIMITED

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Singapore central bank rebukes insurers AIA, Aviva and Prudential

06/15/2021 | 06:47am EDT
FILE PHOTO: A view of the Monetary Authority of Singapore's headquarters in Singapore

SINGAPORE (Reuters) - Singapore's central bank said on Tuesday it has reprimanded the local businesses of insurers AIA, Prudential and Aviva for breaching requirements related to risk management and supervisors' pay.

The Monetary Authority of Singapore (MAS) said its investigations found numerous instances where payments were made to supervisors over sales of investment products and life policies, violating its regulations.

Those reprimanded were AIA Financial Advisers (AIA FA) Private Limited, Prudential Assurance Company Singapore, Aviva Ltd and Aviva Financial Advisers Pte Ltd.

The MAS has dealt firmly with these financial institutions "to send a clear message to the industry on the importance of upholding high ethical standards," Ho Hern Shin, MAS deputy managing director, financial supervision, said in a statement.

In response to Reuters' queries, an Aviva Singapore spokesperson said: "we have strengthened our controls to prevent the recurrence of such issues, and these are being validated by an independent external auditor."

Prudential said it would work closely with the MAS to enhance its controls related to the issues raised.

AIA FA said it would work closely with MAS for the remediation actions required, adding it was fully committed to protecting its customers' interests and that none had been affected.

MAS in a response to Reuters questions said its reprimand "registers MAS' serious concerns regarding the misconduct" and that financial institutions and individuals "are required to remediate issues promptly."

(Reporting by Chen Lin; Editing by Martin Petty)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIA GROUP LIMITED -0.43% 92.7 End-of-day quote.-2.42%
AVIVA PLC -0.43% 386.2 Delayed Quote.19.31%
PRUDENTIAL PLC -1.14% 1347.5 Delayed Quote.1.22%
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Financials (USD)
Sales 2021 36 220 M - -
Net income 2021 6 827 M - -
Net Debt 2021 - - -
P/E ratio 2021 20,7x
Yield 2021 1,61%
Capitalization 144 B 144 B -
Capi. / Sales 2021 3,97x
Capi. / Sales 2022 3,59x
Nbr of Employees 23 000
Free-Float 99,9%
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AIA Group Limited Technical Analysis Chart | 1299 | HK0000069689 | MarketScreener
Technical analysis trends AIA GROUP LIMITED
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Mean consensus BUY
Number of Analysts 28
Last Close Price 11,93 $
Average target price 15,08 $
Spread / Average Target 26,4%
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Managers and Directors
Yuan Xiang Li President, Group CEO & Executive Director
Garth Jones Group Chief Financial Officer
Sze-Wing Tse Independent Non-Executive Chairman
Biswa Misra Group Chief Technology & Operations Officer
Mark Konyn Group Chief Investment Officer