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AIA Group

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AIA Group Limited
Chinese: 友邦保險控股有限公司
Company typePublic
SEHK: 1299
Hang Seng Component
IndustryInsurance and financial services
FoundedJune 2, 1919; 105 years ago (1919-06-02)
FounderCornelius Vander Starr
HeadquartersAIA Central
Central, Hong Kong
Area served
Asia-Pacific
Key people
Ng Keng Hooi (Group Chief Executive and President)
ProductsLife insurance, accident and health insurance, savings plans, employee benefits, credit life and pension services
BrandsThe Real Life Company
Total assetsUS$172 billion (as of 31 May 2015)[1]
WebsiteAIA.com

AIA Group Limited,[2] known as AIA, is the largest public listed pan-Asian life insurance group. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services.

AIA is based in Hong Kong, with a presence in 18 markets in Asia-Pacific, with wholly owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97% subsidiary in Sri Lanka, a 49% joint venture in India and a representative office in Myanmar. Since 2013, AIA has had an exclusive bancassurance agreement with Citibank that encompasses 11 AIA markets in the Asia-Pacific region.

In August 2013, AIA became the official shirt partner of Premier League football club Tottenham Hotspur. AIA's contract with Tottenham was renewed in May 2017 and will extend through the 2021–2022 Premier League season.

History

Main article: American International Group

AIA traces its roots to 2 June 1919 when Cornelius Vander Starr founded what was then known as American Asiatic Underwriters in Shanghai, China (later American International Underwriters). Starr eventually expanded his business throughout the world. In 21 January 1939, Starr relocated his head office from Shanghai to New York after the Japanese invasion of China and again in 5 April 1949 with the communist takeover of mainland China, and the Asian AIA became a subsidiary of New York-based American International Group (AIG).

In 4 December 2009, AIG sold preferred equity interests in two newly formed international life insurance subsidiaries, American International Assurance Company, Limited (AIA) and American Life Insurance Company (ALICO), to the Federal Reserve Bank of New York to reduce its debt by US$25 billion.[3]

AIA had planned to be listed in Hong Kong Stock Exchange in 3 April 2010. However, in 2 March 2010, Prudential PLC, a UK-based financial services and securities company, announced that it would buy AIA for US$35.5 billion.[4] The purchase later fell through, and AIA held an IPO in October 2010, raising approximately HK$159.08 billion (US$20.51 billion), the world's third largest IPO ever.[5]

In 11 September 2012, AIA acquired a 92.3% stake in Sri Lankan insurer Aviva NDB Insurance from British insurer Aviva and Sri Lanka's National Development Bank (NDB). AIA also entered into an exclusive 20-year bancassurance agreement with NDB, one of Sri Lanka's largest financial conglomerates with a nationwide bank branch network.[6]

In 7 October 2012, AIA acquired ING Group's Malaysian insurance subsidiaries for a cash consideration of €1.336 billion (US$1.73 billion).[7]

In 21 December 2012, AIG sold all of its 13.69% shareholding in AIA.[8]

Since 2 June 2013, AIA has had an exclusive bancassurance agreement with Citibank that encompasses 11 AIA markets in the Asia-Pacific region, namely Hong Kong, Singapore, Thailand, China, Indonesia, Philippines, Vietnam, Malaysia, Australia, India, and Korea.[9]

See also

References

  1. ^ "AIA Fact Sheet". AIA Group Limited. Archived from the original on 25 September 2015. Retrieved 23 September 2015. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  2. ^ "AIA corporate facts". Archived from the original on 10 May 2013. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  3. ^ AIG closes two transactions that reduce debt that IAG owes Federal Reserve Bank of New York by $25 billion
  4. ^ "Prudential Plc to Buy AIA for $35.5 Billion to Expand in Asia". BusinessWeek. Archived from the original on 4 April 2010. Retrieved 1 March 2010. {{cite web}}: Cite has empty unknown parameter: |coauthors= (help); Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  5. ^ "AIA's successful listing on the Hong Kong Stock Exchange" (PDF). 19 October 2010. Archived from the original (PDF) on 4 March 2016. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  6. ^ "AIA Acquires Leading Sri Lankan Insurance Company" (PDF). 27 September 2012. Archived from the original (PDF) on 4 March 2016. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  7. ^ "AIA Extends Pan-Asian Leadership Position with Acquisition of ING Malaysia" (PDF). 11 October 2012. Archived from the original (PDF) on 4 March 2016. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  8. ^ "AIG Divests Remaining Holding in AIA, Marking a Milestone in AIA's History" (PDF). 18 December 2012. Archived from the original (PDF) on 25 May 2013. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  9. ^ "AIA Further Strengthens Pan-Asian Leadership through Exclusive Long-Term Bancassurance Partnership with Citibank in 11 Markets" (PDF). 19 December 2013. Archived from the original (PDF) on 7 February 2016. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
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