Damien Mu

In response to the increasing complexity of disability claims, leading life, health and wellbeing insurer AIA Australia has launched a new retail TPD product, TPD CORE, to give customers and advisers greater clarity and consistency in how severe and permanent disability is assessed.

TPD CORE retains the features customers and advisers value in traditional TPD insurance: the benefit is paid as a lump sum, and for physical, objectively assessed conditions, there is no fundamental change.

Where TPD CORE differs is in using clearer requirements for mental health, chronic pain and fatigue conditions, so there is greater transparency around what evidence is needed, how severity is assessed and how permanence is determined.

Traditional disability cover was designed for claims with clear and observable physical impairment; however, the modern claims landscape is markedly different, and as a result, traditional TPD is under growing strain. Mental health conditions now account for around one-third of TPD claims paid across the industry and more than $2 billion in annual payouts, almost double the level of five years ago.

TPD CORE was developed to address this challenge while maintaining meaningful protection for customers. Rather than relying predominantly on diagnosis alone, TPD CORE places greater emphasis on functional impairment and whether a condition has resulted in severe, enduring and permanent disability consistent with the purpose of TPD.

Damien Mu, Chief Executive Officer and Managing Director of AIA Australia, said that Australia’s worsening mental health crisis required insurers to think differently about their product set and how they best support people.

“We need to rethink how we view mental health conditions, because a diagnosis is not a life sentence. We want to focus on supporting people to live and work while effectively managing their mental health, which includes encouraging early intervention, as well as recovery and return-to-work where this is possible for someone.

“TPD CORE plays an important role in our overall approach to playing a more active role in the mental health of our customers, so that we can ensure that claimants with severe, permanent and work-ending conditions are paid a lump sum, and less severe, episodic mental health issues receive other types of support”, said Mr Mu.

TPD CORE has been designed to work alongside income protection cover, and wellbeing and recovery support through AIA Embrace, to provide customers with comprehensive disability coverage.

TPD CORE was developed through collaboration across AIA Australia’s product, medical, claims and pricing teams and incorporated consumer and adviser research.

The design has been extensively tested against historical claims experience to support both clinical integrity and long-term sustainability. This work has enabled the introduction of a five-year rate guarantee, providing greater certainty for customers and advisers.

TPD CORE is available for AIA’s Retail Customers from 31 August 2026.

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Damien Mu

Leading life, health and wellbeing insurer AIA Australia has announced a new Premier Partnership with Beyond Blue, amplifying its long‑term commitment to improve the mental health outcomes of Australians.

The partnership brings together AIA Australia’s leadership in the life and health insurance industries with Beyond Blue’s national reach and deep expertise on mental health.

With a shared focus on prevention and early intervention, Beyond Blue and AIA Australia will work together to address rising mental health challenges and reduce the number of Australians reaching crisis before seeking help.

To kick off the partnership, the organisations joined forces with the Melbourne Storm for its Mental Health Round, in an effort to encourage people to Tackle Tough Together.

Around 43 per cent of Australians have experienced a mental health condition in their lifetime, with anxiety and depression affecting millions of people across all life stages^[1]. Despite record levels of public and private investment in mental health care, prevalence continues to rise, reflecting a system that is geared towards acute and crisis care, rather than prevention and early support^[2].

AIA Australia has reported an exponential increase in mental health-related claims, with mental health claims rising from around 15% of all disability claims in 2014, to approximately 26% in 2025 – a figure that continues to increase in 2026.

Beyond Blue CEO Georgie Harman AO said, “Accessing support early for yourself or someone you care about can prevent problems escalating. But too many people aren’t able to get that early support, only getting help once they’re really distressed or in crisis – and sometimes struggling for up to 10 years. At the same time, too many Australians simply aren’t getting the support they need, with a system still geared towards responding to crisis rather than preventing it.

“Through this partnership with AIA Australia, Beyond Blue has an opportunity to reach people sooner, meeting them where they are – in workplaces, communities and everyday moments – with effective, practical services and tools before things escalate.”

AIA Australia CEO Damien Mu said he believed the partnership held huge potential to drive meaningful change. “At AIA Australia, our purpose is to make a difference in people’s lives. We’re pleased that this partnership with Beyond Blue will help us achieve our ambition to help Australians live healthier, longer and better lives.”

Under the partnership, AIA Australia and Beyond Blue will prioritise:

• Earlier intervention and prevention, including insights, tools and digital solutions that encourage people to seek help sooner
• Workplace mental health – supporting employers to address psychological risks and promote mentally healthier work environments
• Thought leadership and advocacy, including policy reform aimed at reducing systemic barriers to early mental health support
• Community reach and impact, leveraging Beyond Blue’s engagement with one in six Australians each year

Mr Mu said that both organisations were eager to start working closely together and change the narrative on mental health.

“As a life insurer, we unfortunately see people when their mental health has deteriorated to a point where they are unable to work. What’s currently described as ‘early intervention’ is often happening quite late in someone’s experience and after they’ve lodged a claim.

“We believe that there are many strong opportunities to change this. For example, employers could offer targeted mental health support in the workplace that can deliver real preventative impact.”

“As a nation, we have become trapped in a “sick‑care” cycle. By focusing more on early warning signs and underlying contributors, we can support people sooner and reduce the risk of their mental health deteriorating.”

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Paula Bourke

Leading life, health and wellbeing insurer AIA Australia has appointed Paula Bourke as its new Chief Retail Insurance Officer, reflecting the company’s continued focus on delivering sustainable growth and strengthening support for its advice partners and customers.

Paula will lead AIA Australia’s Retail leadership team, bringing together the organisation’s retail product, pricing, distribution and retention functions as part of a broader strategy to drive quality growth and enhance customer and adviser outcomes.

AIA Australia Chief Executive Officer and Managing Director Damien Mu said Paula’s appointment marks an important milestone in the company’s Retail growth strategy.

“I am delighted to welcome Paula to AIA Australia. Paula is a highly respected leader with deep expertise across life insurance, reinsurance, product innovation and business transformation,” Mr Mu said.

“Her breadth of experience, customer focus and proven ability to lead high-performing teams make her exceptionally well placed to lead our Retail business as we continue to grow and evolve.

“The new structure of our Retail team represents an important step in delivering our strategy. By bringing together our product, pricing, distribution and retention capabilities, we are creating a stronger, more connected structure that optimises how we can be supporting advisers, meeting the changing needs of customers and delivering sustainable growth.

“Paula’s leadership will be instrumental in helping us realise that ambition, and I look forward to seeing what the team achieves together.”

Paula joins AIA Australia from SCOR Australia and New Zealand, where she served as Chief Executive Officer. Her career spans the full insurance value chain, including senior leadership roles at SCOR, BT Financial Group/Westpac and CommInsure.

She has led growth and transformation initiatives, developed digital and AI-enabled propositions, supported product and pricing strategy, and built strong partnerships across insurers, advisers, superannuation funds, distribution partners and regulators.

Commenting on her appointment, Ms Bourke said she was excited to join AIA Australia at a pivotal time for both the business and the life insurance industry.

“AIA Australia has a strong reputation for empowering its customers to lead healthier, longer, better lives and for its deep commitment to the adviser community,” Ms Bourke said.

“I’m looking forward to working with the talented Retail team and our advice partners to build on that foundation, deliver meaningful value for customers and drive sustainable growth in a rapidly evolving market.”

Paula brings a unique combination of direct insurance, reinsurance and global innovation experience, underpinned by a strong focus on customers, advisers and sustainable growth. Her experience leading complex organisations, shaping customer-focused operating models and building high-performing teams will be invaluable as AIA Australia continues to strengthen its Retail offering.

Paula is a Member of the Australian Institute of Company Directors, holds an MBA with Dean’s Merit, and has contributed extensively to industry leadership through board and advisory roles, including with the Council of Australian Life Insurers. She was recognised with a Women in Financial Services Award for Life Insurance.

AIA Australia also acknowledges the significant and impactful contributions of Stephanie Phillips and Pina Sciarrone, who will be leaving the organisation at the end of September. After distinguished careers with AIA Australia spanning more than 15 years each, Stephanie and Pina have decided that this is the right time for their next chapter. AIA Australia thanks them for their leadership, passion, dedication and service to our partners and our customers over many years and wish them every success for the future.

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Damien Mu

Leading life, health and wellbeing insurer AIA Australia has announced a new Premier Partnership with Beyond Blue, amplifying its long‑term commitment to improve the mental health outcomes of Australians.

The partnership brings together AIA Australia’s leadership in the life and health insurance industries with Beyond Blue’s national reach and deep expertise on mental health.

With a shared focus on prevention and early intervention, Beyond Blue and AIA Australia will work together to address rising mental health challenges and reduce the number of Australians reaching crisis before seeking help.

To kick off the partnership, the organisations joined forces with the Melbourne Storm for its Mental Health Round, in an effort to encourage people to Tackle Tough Together.

Around 43 per cent of Australians have experienced a mental health condition in their lifetime, with anxiety and depression affecting millions of people across all life stages.^[1] Despite record levels of public and private investment in mental health care, prevalence continues to rise, reflecting a system that is geared towards acute and crisis care, rather than prevention and early support.^[2]

AIA Australia has reported an exponential increase in mental health-related claims, with mental health claims rising from around 15% of all disability claims in 2014, to approximately 26% in 2025 – a figure that continues to increase in 2026.

Beyond Blue CEO Georgie Harman AO said, “Accessing support early for yourself or someone you care about can prevent problems escalating. But too many people aren’t able to get that early support, only getting help once they’re really distressed or in crisis – and sometimes struggling for up to 10 years. At the same time, too many Australians simply aren’t getting the support they need, with a system still geared towards responding to crisis rather than preventing it.

“Through this partnership with AIA Australia, Beyond Blue has an opportunity to reach people sooner, meeting them where they are – in workplaces, communities and everyday moments – with effective, practical services and tools before things escalate.”

AIA Australia CEO Damien Mu said he believed the partnership held huge potential to drive meaningful change. “At AIA Australia, our purpose is to make a difference in people’s lives. We’re pleased that this partnership with Beyond Blue will help us achieve our ambition to help Australians live healthier, longer and better lives.”

Under the partnership, AIA Australia and Beyond Blue will prioritise:

• Earlier intervention and prevention, including insights, tools and digital solutions that encourage people to seek help sooner
• Workplace mental health – supporting employers to address psychological risks and promote mentally healthier work environments
• Thought leadership and advocacy, including policy reform aimed at reducing systemic barriers to early mental health support
• Community reach and impact, leveraging Beyond Blue’s engagement with one in six Australians each year

Mr Mu said that both organisations were eager to start working closely together and change the narrative on mental health.

“As a life insurer, we unfortunately see people when their mental health has deteriorated to a point where they are unable to work. What’s currently described as ‘early intervention’ is often happening quite late in someone’s experience and after they’ve lodged a claim.

“We believe that there are many strong opportunities to change this. For example, employers could offer targeted mental health support in the workplace that can deliver real preventative impact.”

“As a nation, we have become trapped in a “sick‑care” cycle. By focusing more on early warning signs and underlying contributors, we can support people sooner and reduce the risk of their mental health deteriorating.”

——–

Notes:
[1] ABS National Study of Mental Health and Wellbeing 2020-2022
[2] Ibod.

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Damien Mu

Leading life, health and wellbeing insurer AIA Australia has released its inaugural Impact Report, showcasing the meaningful benefits it delivered in 2025 to customers and the community through financial protection, early intervention and wellbeing support.

The report highlights how AIA Australia supported customers across the nation through some of life’s most challenging moments, paying more than $2.4 billion across more than 34,000 claims during the year.

This includes:

• $726 million across 6,365 Total and Permanent Disability (TPD) claims
• $864 million across 22,777 Income Protection (IP) claims
• $146 million across trauma claims

These outcomes reflect AIA Australia’s promise of providing financial certainty with care, empathy and speed when customers need it most. Mental health claims were the leading cause of claim across both retail and group insurance, prompting ongoing interventions from the insurer’s wellbeing and product teams to ensure product sustainability and appropriate support is prioritised.

Beyond claims, the report highlights AIA Australia’s commitment to shared value through its focus on prevention, industry and environmental sustainability and social impact.

Through its AIA Embrace wellbeing ecosystem, the company continues to invest in programs that support customers before, during and after a claim, helping them improve their health, wellbeing and long-term resilience through prevention, early intervention and recovery support.

In 2025:

• Nearly 10,000 customers were referred to AIA Australia’s in-house Wellbeing Team
• Participants in the Mind Coach program reported an 83% improvement in psychological symptoms, outperforming industry benchmarks*
• Customers completing the Pain Coach program reported a 91% improvement in function, significantly exceeding industry benchmarks*
• Cancer Coach referrals increased by 20%, driven by earlier engagement and intervention
• 67% of customers participating in return-to-work focused rehabilitation programs successfully returned to work
• AIA Australia’s Early Support absence management programs achieved a 65% return-to-work rate, helping employees who had been absent from work for ten consecutive days reconnect with work sooner

These outcomes highlight the value of early, targeted support in improving recovery, reducing claim duration and delivering better long-term wellbeing outcomes.

The report also showcases the impact of AIA Vitality, which experienced one of the strongest growth periods in its history in 2025, reaching 280,000 members. Growth was supported by the launch of AIA Vitality with a major Group Insurance partner, enabling insured superannuation members to connect everyday healthy behaviours with long-term financial wellbeing through regular superannuation contributions.

Within the first three months of launching, members had directed more than 6,500 Active Benefit rewards into their superannuation accounts, totalling $32,500. On average, 31% of members who achieved their Active Benefit target chose to contribute their reward to superannuation, highlighting growing engagement with initiatives that link better health behaviours to improved long-term financial outcomes.

More broadly, AIA Vitality members completed more than 70,000 preventative health checks, more than 1.5 million mental wellbeing activities, and over 800,000 gym visits during the year, demonstrating strong engagement in proactive health management and wellbeing. In 2025, AIA Vitality members redeemed $4.6 million in Active Benefit rewards, with $3.8 million directed towards cost-of-living relief, including Woolworths vouchers and Commonwealth Bank savings contributions.

AIA Australia also continued to invest in innovation, including the launch of AIA Exchange, helping create a more connected, intuitive and efficient experience for customers, super funds and administrators.

AIA Australia Chief Executive Officer and Managing Director Damien Mu said the report reflects the organisation’s commitment to delivering meaningful impact beyond insurance.

“At AIA Australia, our purpose is to make a difference in people’s lives. While paying claims remains one of the most important ways we deliver on that promise, we’re steadfast on helping Australians stay healthier, recover sooner and achieve better long-term outcomes.”

“AIA’s Impact Report demonstrates the power of combining financial protection through insurance with prevention, early intervention and wellbeing support. Whether it’s helping a customer through cancer treatment, supporting their mental health recovery, or enabling a successful return to work, our goal is to create meaningful impact at every stage of life’s journey.”

“We’re incredibly proud of what our people, partners and customers have achieved together in 2025, and we remain committed to helping Australians live healthier, longer, better lives.”

The inaugural Impact Report provides a comprehensive view of AIA Australia’s contribution to improving the physical, mental and financial wellbeing of Australians. It highlights not only the significant claims support provided during times of need, but also the growing impact of prevention, early intervention and recovery programs that help people achieve better outcomes throughout their lives.

Read the report.

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When announcing the appointment, AIA Australia’s General Manager – Group Distribution, Corporate and Master Trusts, Anthony Clough said, “Harumi is experienced, progressive and passionate about group insurance and ensuring the long-term sustainability of the industry. We are incredibly fortunate to have Harumi join the team as we look to further evolve our market leading value proposition”. 

Having worked in group insurance for 25 years, Ms Hancox joined AIA Australia on 21 June 2021 and is excited about the new role. “I’ve been fortunate to work with AIA in the past, so I was eager for the opportunity to join the AIA family and work with the team to help to make a difference in the lives of Australians”.

Prior to joining AIA Australia, Ms Hancox held the position of Head of Group Life Consulting Services at IFS Insurance Services (IFSIS) and has also worked extensively as a product manager at AXA/National Mutual (now AMP).

AIA Australia’s Group Distribution team has recently undergone a strategic review, which included a broadening of its leadership team, positioning AIA Australia for future success in the Group Insurance market.

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Damien Mu

AIA Australia has announced a new AFL partnership, this time with the Sydney Swans as the club’s Official Life, Health and Wellbeing Partner, as well as Membership Partner.

AIA Australia is a leading life and health insurer with more than 47 years of experience, offering a range of products to protect the health and wellbeing of more than 3.8 million Australians.

AIA has partnered with several other AFL clubs in pursuit of its dream to make Australia and New Zealand the healthiest and most protected nations in the world. Through these partnerships AIA hopes to encourage education and discussion about positive physical and mental health.

AIA Australia CEO and Managing Director Damien Mu was excited about the new partnership.

“It is a privilege to be able to team up with the Sydney Swans as their Official Life, Health and Wellbeing Partner.

“We are excited that we will get to connect with Sydney Swans members and fans in 2021 and empower and incentivise them to take small steps to improve their health and wellbeing.

 “It is hugely rewarding to be involved with the AFL community, and to know we can play a part in making a difference in people’s lives.”

Sydney Swans CEO Tom Harley echoed the enthusiasm about the new partnership and the ability for AIA and the Swans to work together on their shared passions of health and wellbeing.

“We’re thrilled to welcome AIA Australia to the Sydney Swans family and we believe there is a great alignment between our two brands,” Harley said.

“Health and vitality are incredibly important in our daily activities at the Swans, not just in terms of getting the most from our elite athletes, but also for our broader staff.

“We know that eating, thinking and moving well can impact quality of life, and we also know these are areas that AIA Australia is passionate about, so we look forward to working with them to promote and support wellbeing.”

To welcome the new partnership, AIA Australia will be providing exclusive offers to Sydney Swans Members in the coming month.

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CommInsure Life policyholders will receive a letter from AIA Australia and CommInsure Life, informing them of the intended transfer by way of a scheme under Part 9 of the Life Insurance Act.

The transfer will allow AIA Australia to finalise its acquisition of CommInsure Life from CBA.

AIA Australia noted that the scheme would not affect any policy terms and conditions, nor how policyholders and customers do business with their insurer.

Policyholders will receive a scheme overview and details of how they can access more information, including the scheme documents and actuaries’ reports. They will also receive information on how they can provide feedback about the scheme.

The Federal Court of Australia is expected to consider the scheme at a hearing in March 2021.

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Damien Mu

AIA Australia has announced a new partnership with Collingwood Football Club, as co-major sponsor of the AFLW team.

AIA Australia’s logo will feature on the front of Collingwood’s AFLW home guernsey and on the back of the away guernsey. The partnership will see community activations carried out throughout the AFLW season, and AIA Australia will be a part of branding and match-day fan engagement opportunities.

AIA Australia is a leading life and health insurer with over 47 years of experience, offering a range of products to protect the health and wellbeing of more than 3.8 million Australians. With a strong belief in the importance of shared value, AIA Australia is committed to educating and encouraging communities to take small steps to improve their health and wellbeing.

The announcement follows AIA Australia’s recent partnerships with Essendon, North Melbourne, Hawthorn and St Kilda Football Clubs; however, Collingwood represents the business’s first opportunity to partner with an AFLW team.

AIA Australia and New Zealand CEO and Managing Director Damien Mu said “Partnering with Collingwood, and in particular sponsoring the AFLW team, gives us the opportunity to champion women’s health and wellbeing, as part of our commitment to helping Australians live healthier, longer, better lives.

“We are passionate about the mental and physical benefits that come from being involved with sports clubs, which play a pivotal role in connection, community and activity for their members.

“We look forward to inspiring Collingwood supporters in their own health and wellbeing journeys, as part of our dream to make Australia one of the healthiest and best protected nations in the world.”

Collingwood’s CEO Mark Anderson shared the excitement, noting “We are delighted to have the support of AIA Australia for Collingwood’s upcoming AFLW campaign.

“There is a strong alignment in our values as we both strive to develop and invest in women’s sport and ensure the athletes’ overall health and wellbeing is the utmost priority.”

The new look jumper will make its first appearance on Thursday 28 January when Collingwood play Carlton at Ikon Park in the opening match of the 2021 AFLW season.

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Adam Fraser

AIA Australia has collaborated with Deakin University and Dr Adam Fraser on a research project to examine the mental wellbeing of Australia’s financial advisers.

The project, called The Adviser Voice, has the following objectives:

• Understanding the current state of mental health and wellbeing of financial advisers
• Learning the habits and attitudes associated with those advisers who are currently experiencing positive mental health wellbeing, and how they have responded to industry changes
• Understanding the mindsets and behaviours that are evolving within advisers in order to deal with significant disruptions.

The study comprises three components:

• a survey of 1,000+ advisers
• in-depth, one-on-one interviews exploring issues in greater detail
• a seven-day diary study.

AIA Australia and New Zealand CEO and Managing Director, Damien Mu said delivering this important initiative was aligned with AIA’s commitment to helping Australians live healthier, longer, better lives.

“Australian financial advisers play a critical role in society, through helping their clients and their families. They are an extremely important partner for us as a life and health insurer; we see firsthand the value of advisers in ensuring the financial wellbeing and protection of Australians.

“Advisers have been through a huge amount of disruption in recent years – starting with the Future of Financial Advice reforms, through to the Life Insurance Framework, new education and compliance requirements, and now the effects of the pandemic.

“We want advisers to have the support and the resilience they need to not only survive, but to revive their businesses and to ultimately thrive, so they can continue to help Australians get access to quality advice and meet their financial wellbeing needs,” Mr Mu said.

Financial advisers can participate in the study by completing the survey here. Deakin University will separately invite individual advisers to take part in one-on-one interviews or to participate in the diary study.

All data is intended to be gathered before the end of 2020, with analysis commencing early in the New Year.

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