AIA Group chairman Edmund Tse-wing achieved more for his company after retiring than many executives do in their whole careers.
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At 71, Tse was already past normal retirement age in 2009 when he retired for the first time, only to have the global financial crisis bring him back to the office from the tennis court – for another 14 years.
Just a few months after returning, Tse led AIA through its Hong Kong initial public offering (IPO). The HK$159.1 billion (US$20.4 billion) listing – still the city’s record holder – provided cash that AIA’s former US parent company, American International Group, needed to repay a government bailout.
In October, Tse, now 87, will call it a day for a second time, retiring as non-executive chairman after 64 years with the largest listed pan-Asian life insurer. Retaining the title of chairman emeritus, he will pass the chairman baton to current HSBC chairman Mark Tucker. The change marks a return for Tucker, who was AIA’s CEO between 2010 and 2017.
“I am sure Mark will do a better job than I,” Tse said on Wednesday. “He has over 40 years of experience in the financial industry, including seven years at AIA. He can also work well with current AIA CEO Lee Yuan Siong, as they worked together previously at another insurance company.”
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Known as the godfather of the Hong Kong insurance industry, Tse joined AIA in 1961, a time when many people were reluctant to work in the industry or buy its products.