Nov. 29, 2013, 3:49 AM
- Metlife (MET), Prudential (PUK) and Manulife (MFC) are among five insurers bidding to form a bancassurance distribution partnership with Citigroup (C) in 14 Asian markets in a deal that could generate over $10B of revenue over 15 years.
- The winning insurer will make an exclusivity payment of $1.5-2B to Citigroup and split the sales with the U.S. bank. In return, the insurer will gain access to Citigroup's 600 branches and more than 34M consumer accounts.
- Citigroup is likely to choose just one firm to work with, although there is a small chance it could choose two.
- The other competing insurers are AIA Group (AAIGF) and FWD Group.
Dec. 17, 2012, 3:35 PMAIG prices the sale of its remaining 1.65B shares of AIA Group at HK$29.65 to HK$30.65. The mid-point of that range would be a 4.6% discount to what the stock was last trading at (AIA was halted in HK last night before the open). The pink sheet version (AAGIY.PK) is off 3.1%. AIG - with another $6.5B maybe to put towards buybacks - is up 2.6%. (PR) | Comment!
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AAGIY vs. ETF Alternatives
AIA Group Limited and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance group in the world. It has wholly-owned main operating subsidiaries or branches in 14 markets in Asia Pacific - Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the... More
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