AIA Group Limited,[2] often known as AIA (Chinese: 友邦保險; pinyin: Yǒubāng Bǎoxiǎn), is a Hong Kong-based multinationalinsurance 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.
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 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 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]
^AIG closes two transactions that reduce debt that IAG owes Federal Reserve Bank of New York by $25 billion
^"Prudential Plc to Buy AIA for $35.5 Billion to Expand in Asia". Bloomberg BusinessWeek. from the original on 4 April 2010. Retrieved 1 March 2010.
^(PDF). 19 October 2010. Archived from the original (PDF) on 4 March 2016.
^(PDF). 27 September 2012. Archived from the original (PDF) on 4 March 2016.
^(PDF). 11 October 2012. Archived from the original (PDF) on 4 March 2016.
^(PDF). 18 December 2012. Archived from the original (PDF) on 25 May 2013.
^(PDF). 19 December 2013. Archived from the original (PDF) on 7 February 2016.
External links
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March 28, 2023
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This article relies excessively on references to primary sources Please improve this article by adding secondary or tertiary sources Find sources AIA Group news newspapers books scholar JSTOR August 2017 Learn how and when to remove this template message AIA Group Limited 2 often known as AIA Chinese 友邦保險 pinyin Yǒubang Bǎoxiǎn 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 Group LimitedHeadquarters at AIA Central in Hong KongNative name友邦保險控股有限公司TypePublicTraded asSEHK 1299Hang Seng ComponentIndustryInsurance and financial servicesFounded19 December 1919 103 years ago 1919 12 19 in ShanghaiFounderCornelius Vander StarrHeadquartersAIA CentralCentral Hong KongArea servedAsia PacificKey peopleLee Yuan Siong President amp CEO ProductsLife insuranceaccident and health insurancesavings plansemployee benefitsvariable contractsinvestmentssecuritiescredit life and pension servicesTotal assetsUS 284 billion as of 31 December 2019 1 Websiteaia wbr comAIA 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 Contents 1 History 2 See also 3 References 4 External linksHistory EditSee also American International Group 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 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 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 EditList of insurance companies in Hong KongReferences Edit AIA Fact Sheet AIA Group Limited Archived from the original on 25 September 2015 Retrieved 23 September 2015 AIA corporate facts Archived from the original on 10 May 2013 AIG closes two transactions that reduce debt that IAG owes Federal Reserve Bank of New York by 25 billion 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 AIA s successful listing on the Hong Kong Stock Exchange PDF 19 October 2010 Archived from the original PDF on 4 March 2016 AIA Acquires Leading Sri Lankan Insurance Company PDF 27 September 2012 Archived from the original PDF on 4 March 2016 AIA Extends Pan Asian Leadership Position with Acquisition of ING Malaysia PDF 11 October 2012 Archived from the original PDF on 4 March 2016 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 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 External links EditBusiness data for AIA Group BloombergGoogleReutersYahoo AIA Group Limited Retrieved from https en wikipedia org w index php title AIA Group amp oldid 1140728636, wikipedia, wiki, book, books, library,
