American International Assurance
| Public | |
| Traded as | : 1299 |
| Industry | Insurance and financial services |
| Founded | 1919 |
| Founder | Cornelius Vander Starr |
| Headquarters |
AIA Central 1 Connaught Road, Central, Hong Kong |
|
Area served
|
Asia-Pacific |
|
Key people
|
Mark Tucker (Group Chief Executive and President) |
| Products | Life insurance, accident and health insurance, savings plans, employee benefits, credit life and pension services |
| Total assets | US$172 billion (as of 31 May 2015) |
| Website | AIA.com |
AIA Group Limited known as AIA (Chinese: 友邦保險控股有限公司) is the largest independent public listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific, wholly owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97% subsidiary in Sri Lanka, a 49% joint venture in India, and representative offices in Myanmar and Cambodia.
AIA traces its roots back to 1919 when an enterprising young man named Cornelius Vander Starr opened an insurance agency in Shanghai, China. Vander Starr eventually expanded his business throughout Asia, the US, and worldwide. In 1945, he relocated his head office from Shanghai to New York after a forced exit from mainland China. Thus the Asian AIA became a subsidiary of New York-based American International Group (AIG).
In 2009 AIA split from AIG 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.
AIA was planned to be listed in 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 agreed to acquire a 92.3% stake in Sri Lankan insurer Aviva NDB Insurance from British insurer Aviva and Sri Lanka's National Development Bank (NDB). In addition, AIA 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 announced that it had reached an agreement to acquire ING Group's Malaysian insurance subsidiaries for a cash consideration of €1.336 billion (US$1.73 billion).
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Wikipedia