Core Insights - The article highlights the remarkable career of Cheung Shih-wing, who has dedicated over 64 years to AIA Group, witnessing and contributing to the evolution of the insurance industry in Asia [1][19] - It emphasizes the strategic innovations and leadership qualities that have driven AIA's growth, particularly in the Chinese market [12][17] Background - Cheung joined AIA in 1961 with a monthly salary of 600 HKD, significantly lower than the starting salary of government employees at that time [1] - His journey began unexpectedly as he was recommended for the role due to his strong mathematics background [1][2] Key Achievements - Cheung was instrumental in establishing a full-time graduate agent system at Nanshan Life in Taiwan, which significantly improved the company's performance [3] - Under his leadership, Nanshan Life's annual earnings grew to 300 million USD, surpassing AIA's total business at that time [3] Strategic Innovations - Cheung's approach to understanding competitors and market dynamics was crucial for AIA's success, likening it to strategies used in bridge playing [3] - He played a pivotal role in AIA's entry into the Chinese market, securing the first foreign insurance license in 1992 after nearly a decade of efforts [6][8] Cultural and Historical Significance - AIA's return to its roots in Shanghai was marked by the acquisition of the historic building at 17 Bund, symbolizing a reconnection with its heritage [8] - Cheung emphasized the importance of nurturing local talent and established several actuarial centers in collaboration with Chinese universities to develop local expertise [15][16] Market Outlook - Cheung predicts that the Chinese insurance market will surpass all other regions in scale, driven by a growing affluent class and economic vitality [17] - He identifies opportunities in elder care and wealth management as key areas for future growth, particularly in light of the rising middle class [17] Legacy - Cheung's retirement marks the end of an era for AIA, leaving behind a legacy of strategic foresight and a strong foundation for future growth [19] - His contributions have not only shaped AIA but have also influenced the broader insurance industry in Asia, promoting a culture of professionalism and innovation [19]