Top 15 life insurance executives: John Lucey, Damien Mu

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: wide-ranging regulatory changes, slowing growth in life premiums in recent years, increasing demands for actions around sustainability and climate change as well as updating business models grappling with digitalisation and disruptive technologies such as artificial intelligence.

We believe it is important to recognise and credit the standout individuals in different markets in such an important sector.

You can read more about the rationale for our Top 15 list here.

Today, we turn the spotlight on two senior executives based in Australia.

John Lucey
Chief Investment Officer, Resolution Life Australasia

John Lucey, who joined Resolution Life Australasia as CIO in January 2022, has transformed the insurer's investment function while overseeing its significant portfolio expansion to $20.02 billion (A$30billion) in assets under management through strategic acquisitions and partnerships.

Resolution Life, the $85 billion global life insurance group, entered the Australian market through its acquisition of AMP Life for approximately $2.08 billion, completing the transaction in June 2020.

Under Lucey's leadership, Resolution Life Australasia has successfully transitioned from a single manager model to a  multi-manager approach, establishing strategic partnerships with "best-in-breed" external managers across various asset classes.

"The mandate was effectively to come in and set up an internal investment capability, build the systems, bring together a team, and move to a multi-manager model," Lucey told AsianInvestor.

Lucey implemented an investment philosophy centred on policyholder benefits, clear accountability, and liability-focused strategies.

Among key recent milestones was the completion of AIA Australia's Superannuation & Investment life insurance business acquisition in 2023, a process initiated in 2022.

The transaction added approximately $4 billion (A$6 billion) to the portfolio.

The firm has also established strategic partnerships, notably with Blackstone, to expand into private credit markets.

"We maintain a very liquid portfolio while carefully modelling our liquidity to harvest complexity and illiquidity premiums," he said.

"Our partnership with Blackstone has proved very beneficial, particularly in accessing private credit markets through global direct lending and asset-backed finance."

Lucey is also driving the firm's commitment to sustainable investing, implementing a robust environmental, social and governance (ESG) framework that emphasises engagement and measurable outcomes.

"We're very ESG aware, taking an engagement lens where our managers must act, be engaged with companies they purchase, and provide measurable proof of their ESG commitments," he said.

Before leading Resolution Life's investment function, Lucey served as CIO at Avant Mutual, Australia's largest medical indemnity insurance provider, where he managed multi-asset portfolios.

Since Lucey took the helm, the Australian life insurer has continued to expand its presence in the region, recently opening a Singapore office to capture Asian market opportunities.

Damien Mu
Chief Executive Officer & Managing Director, AIA Australia

Damien Mu has built his career from the ground up, transforming his early experience in operational services into a leadership role focused on driving positive change in the Australian insurance industry.

Starting in Colonial Mutual's mailroom and progressing through various operational roles, Mu developed a deep understanding of customer service and business operations that continues to shape his leadership approach at AIA Australia, where he oversees approximately $3 billion in assets.

"I was driven to see how we could uplift existing processes and services to improve the experience and outcomes better for our employees, customers, and partners," Mu told AsianInvestor. "I still apply this thinking in all aspects of my current role."

Appointed AIA Australia’s CEO and managing director in 2014, Mu has overseen a liability driven investment (LDI) approach, matching assets with long-term insurance liabilities while maximising capital efficiency.

“Our assets are invested predominantly in government securities, investment grade and securitised credit, with a modest allocation to private credit added in the past five years,” said Mu.

"Our derivatives program provides additional flexibility to manage our interest rate risks, allowing us to invest in assets that provide the most optimal risk-adjusted returns."

The firm's investment strategy is notable for the in-house investment team's close integration with the broader business operations.

Mu has also championed the integration of environmental, social, and governance (ESG) principles into AIA Australia's investment processes.

"As an asset owner and investor, we recognise the scale of positive transformation we can contribute to create a healthier, sustainable future for Australia," he said.

The in-house investment team conducts detailed risk analysis of all investee companies, ensuring alignment with the firm's ESG objectives while maintaining focus on sustainable outcomes.

Before leading AIA Australia, Mu's career in superannuation and insurance allowed him to develop a strong connection to customer service and community impact, which remains central to his leadership vision.

The organisation is also a leading advocate of gender equality and diversity: about 55% of AIA Australia is made up of women.

Plans are also underway to develop a formal diversity and inclusion strategy with gender targets, informed by data and subject-matter expertise.

The Australian unit is part of the HK-based AIA Group, one of the largest life insurance companies operating across 18 markets in the Asia-Pacific region.

Tomorrow we will showcase a senior executive from mainland China and another one from Hong Kong.