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Mar 5, 2012

AIG selling $6 bln of AIA shares, to repay U.S. bail-out

HONG KONG (Reuters) – American International Group (AIG) (AIG.N: Quote, Profile, Research) is looking to raise about $6 billion by selling part of its stake in Asia subsidiary AIA Group (1299.HK: Quote, Profile, Research) in a long-awaited move to help the U.S. insurer repay a federal government bail-out.

AIG is offering about 1.7 billion shares in a range of HK$27.15-27.50 per share – a discount of up to 7 percent to Friday’s close of AIA shares, according to a term sheet seen by Reuters on Monday. Trading in AIA shares was suspended.

Mar 5, 2012

Insurer AIG selling AIA shares, to raise about $6 billion

HONG KONG (Reuters) – American International Group (AIG) (AIG.N: Quote, Profile, Research) is looking to raise about $6 billion by selling part of its stake in Asia subsidiary AIA Group Ltd (1299.HK: Quote, Profile, Research) in a long-awaited move to help the bailed-out U.S. insurer repay the federal government.

AIG is offering about 1.7 billion shares in a range of HK$27.15-27.50 per share – a discount of up to 7 percent to Friday’s close of AIA’s shares – according to a term sheet seen by Reuters. Earlier on Monday, trading in AIA shares was suspended.

Mar 5, 2012

AIG to raise about $6 billion from AIA stake

HONG KONG (Reuters) – American International Group (AIG) (AIG.N: Quote, Profile, Research, Stock Buzz) is looking to raise about $6 billion by selling part of its stake in Asia subsidiary AIA Group Ltd (1299.HK: Quote, Profile, Research, Stock Buzz) in a long-awaited move to help the bailed-out U.S. insurer repay the federal government.

AIG is offering about 1.7 billion shares in a range of HK$27.15-27.50 per share – a discount of up to 7 percent to Friday’s close of AIA’s shares – according to a term sheet seen by Reuters. Earlier on Monday, trading in AIA shares was suspended.

Feb 24, 2012

AIA reports new business grew 40 pct in 2011

Feb 24 (Reuters) – AIA Group Ltd, Asia’s
No.3 insurer, reported a 40 percent rise in value of new
business (VONB) for the year ended Nov. 30, 2011, as well as
growth in Thailand despite last year’s devastating floods.

VONB for the period rose to $932 million, while VONB margin
climbed 4.6 percentage points to 37.2 percent, the company said
in a filing with the Hong Kong Stock Exchange. VONB is a measure
of the present value of future business.

Feb 23, 2012

ING to sell Asia insurance JVs separately – sources

HONG KONG, Feb 23 (Reuters) – ING Groep NV is
planning to sell its three Asian insurance joint ventures
separately from its other Asia assets so that the overall sale
is not held up by negotiations with partners, two sources with
direct knowledge of the situation said.

ING has insurance joint ventures in China, India and Korea.
In China, it is partnered with Bank of Beijing Life
Insurance ; in India, its partner is Vysaya Life
Insurance, while in Korea it has a tie-up with KB Life
Insurance.

Feb 23, 2012

Buffett’s Berkshire muscles into Thai reinsurance

HONG KONG/BANGKOK (Reuters) – Warren Buffett’s Berkshire Hathaway (BRKa.N: Quote, Profile, Research, Stock Buzz) is pushing into the Thai reinsurance market and selling cover for higher rates, taking advantage of the retreat of competitors such as France’s CCR after they suffered losses from last year’s floods.

The presence of the U.S. conglomerate in the Thai market was confirmed by several sources in the insurance industry, including one who said Berkshire began doing business in the country in late December.

Feb 16, 2012

Japan assets may impede ING’s Asia sale

HONG KONG/TOKYO, Feb 16 (Reuters) – ING’s Japan unit
is proving to be a stumbling block in the auction of its Asia
insurance business that is expected to fetch more than
6 billion euros, with sources saying the Dutch group may have no
choice but to retain the Japan unit for now.

Japan is one of ING’s two biggest Asian operations,
so what becomes of it in the event of a sale is important.
The concern has to do with the 18 billion euros worth of
high-guarantee variable annuity policies the Japan operation has
on the books.

Jan 17, 2012

AIA sizes up bid for $6 billion ING Asia insurance unit: sources

HONG KONG (Reuters) – AIA Group Ltd (1299.HK: Quote, Profile, Research, Stock Buzz), Asia’s No.3 insurer and about one third owned by American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz), is considering bidding for Dutch ING’s (ING.AS: Quote, Profile, Research, Stock Buzz) around $6 billion Asian insurance operations, sources said, with the prospective sale expected to draw heavy interest from rivals.

AIA, which was the crown jewel in bailed-out insurer AIG’s global business, has invited four banks to pitch for advisory roles for a possible offer, two sources familiar with the process told Reuters. The sources declined to be identified as they were not authorized to speak to the media.

Jan 17, 2012

AIA sizes up bid for ING Asia insurance unit – sources

HONG KONG (Reuters) – AIA Group Ltd, Asia’s No.3 insurer and about one third owned by American International Group Inc, is considering bidding for Dutch ING’s around $6 billion (3 billion pounds) Asian insurance operations, sources said, with the prospective sale expected to draw heavy interest from rivals.

AIA, which was the crown jewel in bailed-out insurer AIG’s global business, has invited four banks to pitch for advisory roles for a possible offer, two sources familiar with the process told Reuters. The sources declined to be identified as they were not authorised to speak to the media.

Jan 13, 2012

ING taps Goldman to advise on sale of $6 billion Asia operations

HONG KONG (Reuters) – Dutch bancassurer ING (ING.AS: Quote, Profile, Research, Stock Buzz) has hired Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) to handle the sale of its Asian operations, a source close to the matter told Reuters on Friday, as the company seeks options for the division after scrapping its original plan.

JP Morgan (JPM.N: Quote, Profile, Research, Stock Buzz) is also expected to get an advisory role for the auction, sources said, though they could not confirm if the bank was officially hired.

    • About Clare

      "I am based in New York and write about IPOs and wealth management. I was formerly based in San Francisco, where I wrote about tech companies."
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