The AIA Group, of which AIA Australia is a part, has become an independent, publicly listed company on the Hong Kong Stock Exchange. The listing was the largest IPO in Hong Kong’s history, the third largest IPO ever globally and the world’s largest IPO ever in the insurance sector. The listing marks another step in the separation of the AIA Group from its US parent company AIG. AIG will use the proceeds of the float to repay US taxpayers after the 2008 bailout of the US company, retaining around 33 per cent of AIA Group.
More Information:
The focus of the AIA Group is the Asia Pacific region, where it has roots that go back over 90 years. AIA operates life insurance businesses across 15 Asian markets, including the Australian market where it is the sixth largest life insurance company based on premiums in force.