Pan-Asian insurer AIA is losing Aoife Prendiville, its chief investment officer for both the group corporate center and reinsurance arm, along with her role as group head of asset-liability management. Prendiville, who has led AIA's investment and ALM committees for nine years, will depart at the end of March, according to sources familiar with the matter.

Her exit marks the latest senior change in AIA's investment team, following Eva Wu's move to Barings last September and Rowan Cook's January arrival from Oaktree. The $333 billion asset manager has struggled to retain talent as private equity firms aggressively recruit insurance expertise in Asia. Blackstone and CVC have both added insurance solutions heads in the region recently.

Prendiville's departure comes as AIA's private markets portfolio has expanded dramatically, with real estate now representing the largest allocation. The insurer's property investments reached $8.1 billion as of late 2023, split roughly 40 percent to the US and 30 percent each to Asia and Europe. Industry sources note that compensation competition between insurers and private equity firms has intensified, making retention increasingly difficult for traditional financial institutions.