Tata AIG Life Insurance Company to be now called Tata AIA Life Insurance Company
Tata AIG Life Insurance Company, the life insurance joint venture formed by Tata Sons and AIA Group (AIA), today announced that it has changed its name to Tata AIA Life Insurance Company (Tata AIA Life).
The company was set up as a joint venture between the leading Indian conglomerate Tata group and the leading international insurance organisation American International Group (AIG). It was licensed to operate in India on February 12, 2001, and started operations on April 1, 2001. Since its inception, Tata Sons owns 74 percent stake in joint venture, with the remaining 26 percent share held by AIA, a 100 percent owned subsidiary of AIG at that time.
In 2010, AIA went public in Hong Kong and raised $20.51 billion through an initial public offering (IPO). The IPO was the third largest globally at the time of listing, after which AIA emerged as the largest independent publicly listed Pan-Asian life insurance group in the world. AIA has a strong heritage and fundamentals of over 90 years in the Asian insurance market. It has wholly-owned main operating subsidiaries or branches in 14 markets in Asia Pacific.
To create a uniform identity of AIA owned companies post this IPO, the two promoters of this joint venture have chosen to change the company’s name to Tata AIA Life. However, the company makes this transition just in its name; its single-minded focus in protecting the financial well-being of its customers remains unchanged.
Source - tata.com
