AIA Group Limited, 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 of 2013, AIA became the official shirt partner of English Premier League club Tottenham Hotspur. AIA's contract with Tottenham was renewed in May of 2017 and will extend through the 2021-2022 EPL season.
Video AIA Group
History
AIA traces its roots to 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 1939, Starr relocated his head office from Shanghai to New York after the Japanese invasion of China and again in 1949 with the communist takeover of mainland China, and the Asian AIA became a subsidiary of New York-based American International Group (AIG).
In 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.
AIA had planned to be listed in Hong Kong Stock Exchange in April 2010. However, in March 2010, Prudential PLC, a UK-based financial services and securities company, announced that it would buy AIA for US$35.5 billion. 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.
In 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.
In October 2012, AIA acquired ING Group's Malaysian insurance subsidiaries for a cash consideration of EUR1.336 billion (US$1.73 billion).
In December 2012, AIG sold all of its 13.69% shareholding in AIA.
Since 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.
Maps AIA Group
See also
- List of insurance companies in Hong Kong
References
External links
- AIA Group Limited
Source of the article : Wikipedia
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