AIA Group Limited, often known as AIA (), is a Hong Kong-based American
multinational insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
and finance corporation. It is the largest public listed
life insurance and
securities
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
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
Central (also Central District) is the central business district of Hong Kong. It is located in Central and Western District, on the north shore of Hong Kong Island, across Victoria Harbour from Tsim Sha Tsui, the southernmost point of Kowloon ...
, 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
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
, 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
Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank's customers. In this partnership, bank staff and tellers become the point of sale and point o ...
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
The Premier League (legal name: The Football Association Premier League Limited) is the highest level of the men's English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Foo ...
football club
Tottenham Hotspur
Tottenham Hotspur Football Club, commonly referred to as Tottenham () or Spurs, is a professional football club based in Tottenham, London, England. It competes in the Premier League, the top flight of English football. The team has playe ...
. 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
Cornelius Vander Starr (October 15, 1892 – December 20, 1968), sometimes known as Neil Starr, was an American businessman and founder of C.V. Starr & Co. (later known as Starr Companies) in Shanghai, China, which became AIG.
AIG grew from an ...
founded what was then known as American Asiatic Underwriters in
Shanghai
Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flowin ...
, 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
American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...
(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
MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, wi ...
(ALICO), to the
Federal Reserve Bank of New York to reduce its debt by US$25 billion.
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
Prudential plc is a British multinational insurance company headquartered in London, England. It was founded in London in May 1848 to provide loans to professional and working people.
Prudential has dual primary listings on the London Stock E ...
, 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
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
in October 2010, raising approximately HK$159.08 billion (US$20.51 billion), the world's third largest IPO ever.
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
Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank's customers. In this partnership, bank staff and tellers become the point of sale and point o ...
agreement with NDB, one of Sri Lanka's largest financial conglomerates with a nationwide bank branch network.
On 7 October 2012, AIA acquired
ING Group
The ING Group ( nl, ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale bankin ...
's Malaysian insurance subsidiaries for a cash consideration of €1.336 billion (US$1.73 billion).
On 21 December 2012, AIG sold all of its 13.69% shareholding in AIA.
Since 2 June 2013, AIA has had an exclusive
bancassurance
Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank's customers. In this partnership, bank staff and tellers become the point of sale and point o ...
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.
See also
*
List of insurance companies in Hong Kong
This is a list of insurance companies in Hong Kong.
''Source: ''
''Source: ''
See also
*List of banks in Hong Kong
External linksStatistics, Office of the Commissioner of Insurance
References
External links
*
AIA Group Limited
{{authority control
Companies listed on the Hong Kong Stock Exchange
American International Assurance
Financial services companies established in 1919
2010 initial public offerings
Companies in the Hang Seng Index
Conglomerate companies of Hong Kong