IBF Awards

Biography

Koo Chung Chang is a respected figure in Singapore’s life insurance sector with more than 25 years of experience. He is renowned for his strategic leadership, innovation, and unwavering dedication to industry advancement. As Chief Financial Officer of AIA Singapore since March 2018, Chung Chang has played a pivotal role in shaping the company’s financial strength and resilience.

With deep expertise across actuarial science, finance, distribution, product development, and risk management, Chung Chang has steered AIA Singapore through critical transformations. Notably, he led the implementation of Risk Based Capital 2 (RBC2) and FRS117 standards, ensuring regulatory compliance and enhancing the company’s financial reporting. His forward-looking approach has driven operational efficiency, digital transformation, and improved profitability, positioning AIA Singapore as a market leader.

Chung Chang spearheaded the launch of AIA International Wealth and the AIA Wealth Centre, marking a milestone in wealth management services for affluent and high-net-worth individuals in Singapore and the region. Recognising Asia’s burgeoning affluent population, projected to reach 28.2 million by 2026[1], he championed a comprehensive strategy to capture this growing market.

Beyond AIA Singapore, Chung Chang has made significant contributions to the broader financial industry spanning over a decade. He chaired the Life Insurance Association (LIA) Financial Advisory Industry Review (FAIR) Taskforce 4, where he coordinated efforts with the Monetary Authority of Singapore (MAS), leading to consumer empowerment initiatives such as Comparefirst.sg and the launch of direct insurance products. He convened the LIA FRS117 Taskforce, worked with the Inland Revenue Authority of Singapore (IRAS) on new taxation framework for life insurers, and represented the industry on the Central Provident Fund Board’s Fund Performance Tracking Committee. His active involvement in public education and regulatory dialogue has elevated industry standards and promoted financial literacy.

Chung Chang’s leadership extended to the Singapore Actuarial Society, where he previously chaired the Life Committee responsible for setting standards for life insurance practices, and acted as a sounding board for new Appointed Actuaries in the industry.

A champion for holistic wellness, Chung Chang supports industry partnerships and community initiatives, embodying AIA’s purpose of helping people live healthier, longer, better lives. His enduring impact continues to shape Singapore’s financial landscape, inspiring innovation and excellence at AIA Singapore and throughout the industry.