American International Assurance
From Taighde
American International Assurance is life insurance company based in Hong Kong. It was owned by AIG but AIG offload the company in order to pay back the United States government. AIA was listed on October 29, 2010 on the Hong Kong Stock Exchange.
Pre-IPO
Prudential, a UK financial institution, initially put forth a $35.5 billion bid but pulled out over shareholder concerns. After Pruedntial's failed takeover, AIG decided to list AIA. The Kuwait Investment Authority is expected to be a cornerstone investor at the IPO with an estimated $1 billion buy. Temasek Holdings and the Qatar Investment Authority might be interested in acquiring a stake. Both funds have been involved with previous investment talks.
According to the Financial Times, sovereign wealth funds from China and Singapore were helping Prudential to finance the purchase.[1] The FT did not name the funds. The China Investment Corporation has moved away from taking large stakes in financial/insurance companies. Within the last year, the CIC has only made large investments in commodity companies. The Singapore fund was most likely Temasek Holdings as it was interested in taking a stake in May 2009 but talks to do so broke down.
IPO
AIA listed on the Hong Kong Stock Exchange on October 29 after conducting an IPO. According to the Financial Times, the Kuwait Investment Authority. Qatar Investment Authority and the Government of Singapore Investment Corporation are expected to be cornerstone investors. The FT later named the China Investment Corporation as a likely investor but will not be a cornerstone investor. [2]
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