It has been reported that AIA (SEHK: 01299) and Prudential (SEHK: 02378) have created new positions in Hong Kong to bolster their Asian wealth management operations.

According to the report, Chirag Rathod recently joined AIA as the Chief Executive for Global High Net Worth at its Hong Kong subsidiary. Sources indicate this is a newly established role.

Separately, Donna Cotter joined Prudential this month as the Chief Executive for Wealth & Bermuda, which is also a new position. A spokesperson for Prudential stated that Cotter's appointment reflects the group's commitment to meeting the evolving wealth and protection needs of high-net-worth clients in Asia.

The report highlights that insurers are increasingly focusing on and accelerating their efforts to serve Asia's growing affluent population. This trend is driven by factors including wealth inflows into Hong Kong and Singapore, the deepening pursuit of higher returns by mainland Chinese residents, and heightened geopolitical concerns prompting wealthy clients to seek asset preservation.

In a related development, Paris-based AXA also launched a platform this month at its Hong Kong and Bermuda offices for high-net-worth clients to purchase insurance policies.