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AIA appealing to Generali

Posted on Jun 04, 2010 by Sergio Ulloa ()  | Tags: AIA, Generali, Italy

The third largest insurer in Europe, Assicurazioni Generali SpA of Italy, has expressed interest in acquiring part of the Asian operations of American International Group (AIG), should the latter opt for selling units rather than pursuing an initial public offer for AIA Group Ltd, the current holding company in control of all Asian businesses. At the end of 2008, Generali weighed a bid for the Chinese business of AIG, and is nowadays expanding in emerging markets, including both China and the Middle East as an strategy to neutralise the effects of the financial tsunami. According to analysts, Generali would need to sell shares to be able to proceed with an acquisition of such magnitude. This would be subject to a decision by AIG on whether or not to breakup its units in Asia, as a possible move to repay part of the US$182 billion (EUR 149.2 billion) bailout AIG received from the US government. All eyes continue to be focused on the next move taken by AIG in relation to AIA, after the failed bid by Prudential. Insurance Companies mentioned: Assicurazioni Generali SpA The Generali Group is one of the most significant participants in the global insurance and financial products market. The Group is a leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group's Parent and principal operating Company. Generali is one of the leading global players in the assistance sector thanks to the Europ Assistance Group, active in more than 200 countries with services in the motor, travel, healthcare, home and family sectors. In recent years, the Group has made a significant return to 14 central-eastern European markets and has set up offices in the principal markets of the Far East, including China and India. AIG AIG LogoThe American International Group is a leading international insurance organization with operations in more than 130 countries and jurisdictions globally. AIA AIA LogoAIA is a Hong Kong-based life insurance company doing business across Asia that has been in business since 1919. They service over 20 million policies through 23,000 employees and 300,000 agents throughout markets in Asia, including; Vietnam, Thailand, Taiwan, South Korea, Singapore, Philippines, New Zealand, Malaysia, Macau, Indonesia, India, Hong Kong, Mainland China, Brunei and Australia.
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