American International Assurance
Encyclopedia
American International Assurance known as AIA is an insurance
company based in Hong Kong
. It has offices in Asia-Pacific
region including Taiwan
, China
, Australia
, New Zealand
, Japan
, India
, Malaysia, Macau
, South Korea
, Thailand
, Philippines
, Singapore
, Brunei
and Vietnam
. Subsidiaries include Philippine American Life and General Insurance Company
.
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. The purchased later fell through, and AIA held an IPO later in October 2010 raising $20.51 billion, the third largest ever IPO.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
company based in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. It has offices in Asia-Pacific
Asia-Pacific
Asia-Pacific or Asia Pacific is the part of the world in or near the Western Pacific Ocean...
region including Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
, Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, Malaysia, Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
, South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, Thailand
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
, Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, Brunei
Brunei
Brunei , officially the State of Brunei Darussalam or the Nation of Brunei, the Abode of Peace , is a sovereign state located on the north coast of the island of Borneo, in Southeast Asia...
and Vietnam
Vietnam
Vietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
. Subsidiaries include Philippine American Life and General Insurance Company
Philippine American Life and General Insurance Company
Philippine American Life and General Insurance Company known as Philamlife is an insurance company based in the Philippines.It was a member of American International Group, but separated from the group in 2008 after it was finalized that Philamlife, American International Assurance and ALICO were...
.
It was a member of American International Group
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
, 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
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
.
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
Hong Kong dollar
The Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
(i.e. more than $
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
50 billion).
AIA was planned to be listed in Hong Kong Stock Exchange
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
in April 2010. However, in March 2010, Prudential plc
Prudential plc
Prudential plc is a multinational financial services company headquartered in London, United Kingdom.Prudential's largest division is Prudential Corporation Asia, which has over 15 million customers across 13 Asian markets and is a top-three provider of life insurance in mainland China, Hong...
, a United Kingdom-based financial services company, announced that it will buy AIA for $35.5 billion. The purchased later fell through, and AIA held an IPO later in October 2010 raising $20.51 billion, the third largest ever IPO.