AIA Group Limited
Native name
友邦保險控股有限公司
TypePublic
SEHK: 1299
Hang Seng Component
IndustryInsurance and financial services
Founded19 December 1919 (1919-12-19) in Shanghai (as American Asiatic Underwriters, later known as AIG)
1 December 2009 (2009-12-01) in New York City (as American International Assurance Company, Limited)[1]
FounderCornelius Vander Starr
HeadquartersAIA Central
Central, Hong Kong
Area served
Asia-Pacific
Key people
Lee Yuan Siong (President & CEO)
Products
  • Life insurance
  • accident and health insurance
  • savings plans
  • employee benefits
  • variable contracts
  • investments
  • securities
  • credit life and pension services
Total assetsUS$284 billion (as of 31 December 2019)[2]
Websiteaia.com

AIA Group Limited,[3] often known as AIA (Chinese: 友邦保險; pinyin: Yǒubāng Bǎoxiǎn; Jyutping: Jau5 bong1 bou2 him2), is a Hong Kong-based multinational insurance and finance corporation. It is the largest publicly listed life insurance group in Asia-Pacific. 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, variable contracts, investments and securities.

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

In August 2013, AIA became the official shirt partner of the English Premier League football club Tottenham Hotspur. AIA's contract with Tottenham was renewed in May 2017 to extend through the 2021/22 Premier League season, and again in July 2019 to extend that date to the end of the 2026/27 season.

History

AIA traces its roots to 19 December 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. On 21 January 1939, Starr relocated his head office from Shanghai to New York City after the Japanese invasion of China and again on 5 April 1949 with the communist takeover of mainland China, and the Chinese AIA became a subsidiary of New York-based American International Group (AIG).

On 1 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.[1]

AIA had planned to be listed company in Hong Kong Stock Exchange and Securities and Futures Commission on 3 April 2010. However, on 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]

On 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]

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

On 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 Asia-Pacific, namely Hong Kong, mainland China, South Korea, Singapore, Thailand, Malaysia, Indonesia, the Philippines, Vietnam, Australia, and India.[9]

See also

References

  1. 1 2 "AIG closes two transactions that reduce debt that IAG owes Federal Reserve Bank of New York by $25 billion". 1 December 2009. Archived from the original on 15 April 2016. Retrieved 1 October 2023.
  2. ↑ "AIA Fact Sheet". AIA Group Limited. Archived from the original on 25 September 2015. Retrieved 23 September 2015.
  3. ↑ "AIA corporate facts". Archived from the original on 10 May 2013.
  4. ↑ "Prudential Plc to Buy AIA for $35.5 Billion to Expand in Asia". Bloomberg BusinessWeek. Archived from the original on 4 April 2010. Retrieved 1 March 2010.
  5. ↑ "AIA's successful listing on the Hong Kong Stock Exchange" (PDF). 19 October 2010. Archived from the original (PDF) on 4 March 2016.
  6. ↑ "AIA Acquires Leading Sri Lankan Insurance Company" (PDF). 27 September 2012. Archived from the original (PDF) on 4 March 2016.
  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.
  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.
  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.
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