AIA Group Limited history, company profile (overview) and history video
AIA Group Limited is a multinational insurance and finance corporation headquartered in Hong Kong. It provides insurance solutions to both individuals and businesses.
HISTORY
AIA’s origins date back to 1919 when the group founder Cornelius Vander Starr opened a small insurance agency in Shanghai, China. The company soon extended to life insurance with one simple business idea: people in Asia would find insurance attractive because of their desire to care for their family and be prudent.
In 1931, Cornelius Vander Starr founded International Assurance Company, Limited (INTASCO) in Shanghai. INTASCO also increased its footprint in Asia by establishing branch offices in Hong Kong and Singapore.
In 1933, AIA entered Malaysia.
In 1938, the company opened in Thailand.
In 1947, INTASCO moved its head office to Hong Kong and changed its name to American International Assurance Company, Limited (AIA Co).
In 1949, AIA became a subsidiary of American International Group (AIG).
In 1951, the company was founded in Indonesia.
In 1981, the company’s New Zealand operations began as a branch of American Life Insurance Company (ALICO).
In 1987, the company opened in South Korea.
In 1992, AIA re-established our presence in China through a branch office in Shanghai, the first foreign-owned life insurance business to receive a license in the country.
In 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 (ALICO), to the Federal Reserve Bank of New York.
In 2010, AIA Group Limited was listed on the Main Board of The Stock Exchange of Hong Kong Limited.
In October 2012, AIA acquired ING Group‘s Malaysian insurance subsidiaries.
In December 2012, AIG sold all of its shareholding in AIA.
With more than 20,000 employees, AIA Group Limited is considered one of Asia’s largest insurance companies. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and aia.com.
**Video published on YouTube by “Santoso Kwok“