Friday, 26 October 2012

American International Assurance

American International Assurance known as AIA (Chinese: 美國友邦保險) is an insurance company based in Hong Kong. It has offices in Asia-Pacific region including Taiwan, China, Australia, New Zealand, Japan, India, Sri Lanka, Malaysia, Macau, South Korea, Thailand, Philippines, Singapore, Brunei and Vietnam. Holdings include Philippine American Life and General Insurance Company and minority stakes in TATA AIA Life Insurance and TATA AIG General Insurance.

It was a member of American International Group, but separated from the group in 2009 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.

According to the statistics from the Office of the Commissioner of Insurance (保險業監理處), AIA being the number 1 of Hong Kong insurance company in terms of the number of policies, its market share in Hong Kong Insurance market (on Non-Linked Individual Business) is 26% and sum assured worth more than 400 billion HKD (i.e. more than $ 50 billion).

AIA was planned to be listed in Hong Kong Stock Exchange in April 2010. However, in March 2010, Prudential plc, a United Kingdom-based financial services company, announced that it will buy AIA for $35.5 billion.[4] The purchased later fell through, and AIA held an IPO later in October 2010 raising $20.51 billion, the third largest ever IPO