Competition Commission of India (CCI) has approved the 23 percent stake sal...
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.