Tata AIG Life Insurance is now renamed as Tata AIA Life Insurance Company. This comes three years after AIA separated from American International Group (AIG) as part of a global deal.
AIG which is an American multinational insurance corporation suffered from a liquidity crisis in September 2008 and has since then sold a number of its subsidiaries and other assets to pay off loans. Hong Kong based American International Assurance (AIA) was a member of AIG and it separated from the AIG group in 2009.
AIA Group Limited and its subsidiaries (collectively “AIA” or “the Group”) comprise the largest independent publicly listed pan-Asian life insurance group in the world. It had total assets of US$114,461 million as of 30 November 2011. It has wholly-owned main operating subsidiaries or branches in 14 markets in Asia Pacific and a 26 per cent joint venture shareholding in India.
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons and AIA Group Limited (AIA). Tata Sons holds a majority stake (74%) in the company and AIA holds 26% through an AIA Group company. Tata AIA Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.