Top 15 life insurance executives: Alex Kühnast, Ivan Corcuera

AsianInvestor’s Top 15 Life Insurance Executives in Asia list highlights the individuals who stand out in driving the industry forward via steady investment processes, robust operations, sustainability measures, as well as advocacy for best practices and transparency.

The life insurance sector in the region has been growing rapidly, helped by a population of over four billion and rapidly growing economic clout.

Despite the immense potential, there are also challenges such as wide-ranging regulatory changes, slowing growth in life premiums in recent years and increasing demands for actions around sustainability and climate change, among others.

We believe it is important to recognise and credit the standout individuals who are making a difference and setting positive trends in such an important sector.

Read more about the rationale for our Top 15 list.

Today, we profile two senior executives, one based in New Zealand and another in the Philippines.

Alex Kühnast
Chief Product and Strategy Officer, AIA New Zealand

As AIA New Zealand's chief product and strategy officer, Alex Kühnast is helping shape the investment strategy of the country's largest life insurer, overseeing $1.02 billion in assets at a time of significant market transformation.

In his role, Kühnast leads the product, pricing, investments and strategy teams at AIA NZ.

"The outlook for 2025 has shifted dramatically. With the Reserve Bank of New Zealand aggressively cutting interest rates, we're likely to see improved conditions for fixed income and corporate bond issuances, combined with ongoing energy transition opportunities to buy new green bonds," Kühnast told AsianInvestor.

Since joining AIA New Zealand, the qualified actuary has overseen a five-pillar investment philosophy centred on policyholder interests, risk diversification, and sustainable investing.

The firm's portfolio reflects this conservative approach, with approximately 70-75% allocated to government and corporate bonds.

"Markets are typically efficient over the longer term, which may favour passive investment management for some asset classes. However, short-term market inefficiencies provide opportunities for active management," he explained.

"While investors benefit most from a long-term investment horizon, short-term strategic asset allocations can improve risk-adjusted returns."

Like many insurers in the region -- and its Hong Kong based parent -- AIA New Zealand has a strong committment to sustainable investing. 

It recently invested in three new sustainability funds launched by Betashares.

"Given our size, we have unique opportunities within the local market to engage with investee companies to enhance sustainability," he said.

As the country's top insurer by AUM, AIA New Zealand is in a strong position to forge strategic partnerships with local fund managers and enhance investment capabilities.

A recent initiative expanded local equities exposure to include New Zealand companies listed on the Australian Stock Exchange, with input into company weightings and sustainability criteria.

Kühnast's journey to AIA New Zealand includes roles across insurance and actuarial services in South Africa and Europe, where he gained expertise in Solvency II implementation and the integration of risk, capital, and strategy.

This international perspective now informs his approach to managing investment challenges in the New Zealand market.

Kühnast said he remains focused on balancing investment returns with AIA NZ's broader mission.

"That's 100% why I joined AIA - the underlying ethos and our goal to make New Zealand one of the healthiest and best protected nations in the world," he said.

Ivan Corcuera
Head of Investments, Sun Life Philippines

Ivan Corcuera has been instrumental in keeping a steady hand on Sun Life Philippines’ investments in dynamic local market conditions.

As head of investments for the life insurer, he manages the portfolio – backed by variable universal life and traditional insurance products – in a reflective yet forward-thinking manner.

One industry observer said he has 'his ear to the ground,' noting that Corcuera’s market assessments and understanding of how asset classes will behave in different market conditions are ‘quite strong’.   

As the biggest and oldest life insurer in the country, Sun Life Philippines has about $5.5 billion in AUM, steadily growing in an emerging market that is estimated to grow by 5.4% annually between 2024 and 2028.

Apart from traditional fixed income, the insurer has ventured into non-traditional investments.

Selective bets on structured notes have helped its hunt for yield in the past few years, Corcuera told AsianInvestor recently, a trend it expects will persist through 2024.

Local private credit also continues to be an opportunity for Sun Life Philippines. “We continue to participate very selectively in companies and deals that allow us to meet our duration and yield objectives,” he said.

The Sun Life group in Philippines, including its asset management and insurance arms, is also continuing to develop its ESG framework for investments.

“We share our parent company’s goal towards a net zero target by committing to invest sustainability, embed ESG considerations in our investment processes, and provide our clients access to sustainability-linked investments,” Corcuera said.

Like several other global insurers, the Canadian parent plans to achieve net-zero by 2050 for investments in its general account, which holds funds from insurance policy premiums.

The initial focus for target-setting is on asset classes where there is industry guidance, which means listed corporate bonds, directly managed listed equities and commercial real estate, according to its global climate journey report issued in March 2024.

Corcuera is also optimistic about a recent draft circular from the Insurance Commission that aims to widen the investment universe of insurance companies.

“This is definitely a welcome development for the industry as this allows us to provide more innovative solutions to our clients,” Corcuera said.

Corcuera, who joined the Sun Life group in 2015, said he stays motivated in his job by remembering the company’s promise to provide “clients with financial protection, especially at a time when they need it the most”.

“This is our primary objective as investors in every investment decision we make as a team," he said.

As financial markets dynamically change, investment portfolios need to be optimally positioned and risks need to be properly managed within the company’s tolerance levels, he added.

Tomorrow, we wrap up our list by showcasing three senior executives, two from Singapore and one from Taiwan.