AIA Group Limited

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AIA Group Limited
Chinese: 友邦保險
Type Public
Traded as SEHK1299
Industry Insurance, financial services
Founded 1931 (as International Assurance Company, Ltd.)
Founders Cornelius Vander Starr
Headquarters AIA Central
1 Connaught Road Central, Central, Hong Kong
Area served Asia
Key people Mark Tucker (Group Chief Executive and President)
Products Insurance annuities, mutual funds
Operating income US$ 2,159 million (2012)[1]
Net income US$ 3,019 million (2012)[1]
Total assets US$ 134,439 million (2012)[1]
Employees 21,000 (2010)[1]
Subsidiaries Philam Life

AIA Group Limited [2] known as AIA (Chinese: 友邦保險) is an insurance company based in Hong Kong. It has offices in Asia-Pacific region including Taiwan, China, Australia, New Zealand, Japan, India, Sri Lanka, Malaysia, Indonesia, Macau, South Korea, Thailand, Philippines, Singapore, Brunei and Vietnam. Holdings include Philippine American Life and General Insurance Company and minority stakes in TATA AIA Life Insurance and TATA AIG General Insurance.

It was a member of American International Group, but separated from the group in 2009 after it was finalized that AIA as well as ALICO (another AIG subsidiary) were placed under the administration of a Special Purpose Vehicle in exchange for the Federal Reserve Bank of New York.[3] In December 2012, AIA was informed by American International Group Inc. (AIG) that AIG had entered into a placing agreement to sell all of its ordinary shares of AIA at a price of HK$30.30 per share. Upon completion of the placing, AIG has fully divested its holding of shares in AIA.[4]

According to the statistics from the Office of the Commissioner of Insurance (保險業監理處), AIA being the number 1 of Hong Kong insurance company in terms of the number of policies, its market share in Hong Kong Insurance market (on Non-Linked Individual Business) is 26% and sum assured worth more than 400 billion HKD (i.e. more than US$50 billion).[5]

AIA was planned to be listed in Hong Kong Stock Exchange in April 2010. However, in March 2010, Prudential plc, a United Kingdom-based financial services company, announced that it will buy AIA for $35.5 billion.[6] The purchase later fell through, and AIA held an IPO later in October 2010 raising $20.51 billion, the fourth largest ever IPO.[7]

AIA Group acquired ING Group’s Malaysian insurance division in October 2012 for a total of €1.3 billion.[8]

It was announced on 15 August 2013, that AIA Group would be Tottenham Hotspur's cup shirt sponsor.[9] Starting with the 2014/15 season, they would also become the official shirt sponsor for the league, making them the shirt sponsor for all competitions. [10]

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