After exiting from IT outsourcing outfit, the American International Group is now gearing up to sell 26% stake in Tata AIG Life Insurance to its Indian Partner Tata which holds 74% in life insurance joint venture with consulting and auditing firm KPMG to structure the deal. AIG would continue to enter into joint venture with Tata General Insurance.AIG’s stake is 26% in Tata could help them fetch up their life insurance sector. The 800 crore global financial conglomerate would charge TATA a huge premium for its expertise in to JV. On replying to queries on the issue, TATA said that they do not wish to comment on such an issue.
Launched in 2001, this TATA AIG partnership has built a substantial life insurance operation in India with around 200 offices across the country with around 10,000 crore of assets. AIG pointed out that company is in process of restructure the life insurance business which operates under AIA(American International Assurance). The AIG has announced that it would accelerate steps to position it as an independent entity & seek public listing in Asian market depending on market conditions with subject of approval.
The public listing is a significant step in a process which would result in creation of board of directors and management team for AIA Group which is separate from AIG. AIA has 20 million customers, 250,000 agents asset of more than $60 billion & a broad network of distribution partners in the region. As it is operating in 130 countries AIG is the first victim of global financial crisis, and now financially supported by U.S government in India.
Launched in 2001, this TATA AIG partnership has built a substantial life insurance operation in India with around 200 offices across the country with around 10,000 crore of assets. AIG pointed out that company is in process of restructure the life insurance business which operates under AIA(American International Assurance). The AIG has announced that it would accelerate steps to position it as an independent entity & seek public listing in Asian market depending on market conditions with subject of approval.
The public listing is a significant step in a process which would result in creation of board of directors and management team for AIA Group which is separate from AIG. AIA has 20 million customers, 250,000 agents asset of more than $60 billion & a broad network of distribution partners in the region. As it is operating in 130 countries AIG is the first victim of global financial crisis, and now financially supported by U.S government in India.
Comments
Post a Comment