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AIA Chief Financial Officer to Leave Position

Posted on 25 Mar 2011

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After just six months in his position, the chief financial officer, Marc de Cure, of Pan-Asian life insurer AIA Group Ltd. will be resigning and returning to Australia for family-related reasons.

Mr. de Cure joined AIA on Sept. 27, before the insurer was listed in Hong Kong by American International Group Inc. following a US$20.5 billion initial public offering in October. He succeeded Steve Roder, who quit as CFO in early 2010, and was brought in by Mark Tucker, who became AIA chief executive in July.

Mr. de Cure will be a consultant at AIA's Australia unit, Mr. Tucker said in a statement, adding the search for a successor is under way and will be completed shortly.

The Asian insurance company said in a statement Mr. de Cure will remain in the position until June 30 to ensure a smooth transition.

Mr. de Cure, 52 years old, worked part time as an adviser to consultancy Bain & Co. in Australia before coming to Hong Kong for AIA. Before that he held executive positions at Australian wealth-management firm AMP Ltd. in a period when AMP transformed itself into a wealth manager from a traditional life insurer.

In February, AIA reported that its net profit for the 12 months ended Nov. 30 surged to US$2.7 billion from US$1.75 billion a year earlier, higher than the US$1.4 billion-US$2.3 billion range the company had forecast before its listing. Mr. de Cure at the time attributed the rise to appreciating Asian currencies against the U.S. dollar, boosting investment gains, as well as new businesses.