Is AIA Group Bruce Berkowitz's Next Big Stock Pick?
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Dec. 19, 2013, 3:39 AM
- Citigroup (C) has chosen Hong Kong's AIA Group (AAIGF) to sell life insurance through the U.S. bank's network of 600 branches in 11 Asia-Pacific countries in an exclusive 15-year deal.
- While financial terms of the agreement weren't provided, Bloomberg reports a source as saying that it could generate up to $20B in revenue, including commissions and upfront fees.
- "For Citigroup, it's revenues without expense - basically they’re getting a new product," says analyst Jim Antos.
- The countries include China, India, Hong Kong, South Korea and Australia. (Previous)
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!
Oct. 11, 2012, 3:53 AMING's (ING) divestment of global assets to meet EU directives continues apace as the Dutch bank confirms that it's selling its Malaysian life-insurance operations to Hong Kong's AIA Group, with the deal worth €1.3B and providing ING a net gain of €780M. ING is now continuing the process of selling other Asian insurance and investment management businesses. (PR) | Comment!
Oct. 10, 2012, 6:02 AMAIA Group agrees to acquire ING's (ING) Malaysian insurance unit for $1.5B-$1.7B, Reuters reports, adding that an announcement could be made tomorrow as long as last-minute regulatory approvals don't cause a delay. ING is also bundling its Thai business with its larger Japanese and Hong Kong operations and selling the combined entity to another buyer. | Comment!
Sep. 7, 2012, 5:40 AMAIG (AIG) raises $2.02B by selling 591.9M shares in AIA Group for HK$26.50 ($3.42) each, or a 0.8% premium to the latter's close in Hong Kong yesterday. AIG's stake in AIA fell to 13.69% from 18.6%. One analyst was disappointed with the divestment, saying it was "meaningfully below both our and consensus expectations." (PR) | 3 Comments
Sep. 6, 2012, 5:32 AMAIG (AIG) intends to raise as much as $2B by selling part of its remaining 18% stake in AIA Group, Reuters publication IFR reports. AIG is offering 600M shares at HK$25.75-HK$26.75 each vs. AIA's Hong Kong closing price today of HK$26.3 ($3.39). The report follows the expiry of a lock-up on AIG's stake in AIA on Tuesday. | Comment!
Sep. 4, 2012, 3:47 AMAIG (AIG) can sell its remaining 18% stake in AIA from today, as a lock-up agreement expires two years after the U.S. insurer listed its former unit in Hong Kong. AIG CEO Robert Benmosche has previously hinted that the company will sell the holding, although he hasn't provided details. Any divestment would help AIG continue paying back the U.S. government for its bailout. | 1 Comment
Jul. 18, 2012, 2:05 PMLeon Cooperman doesn't expect a U.S. recession and corresponding bear market in stocks; in fact, he thinks stocks in general are underpriced and will climb. He especially likes these 10: COF, ESRX, GCI, HAL, KMI, MET, QCOM, WPI, WU and non-U.S. pick AIA Group. Better take notice: His Delivering Alpha picks a year ago look prescient now. | 1 Comment
Jul. 16, 2012, 10:50 AMING (ING +0.3%) receives a final round of offers for its Asian life insurance ops, which should bring in over $7B. Canada's Manulife (MFC -1.2%) and Hong Kong's AIA Group are among the insurers who bid, the WSJ reports, while KB Financial (KB) made a proposal for the South Korean part of the ops, and Korea Life Insurance for the Southeast Asian section. (previous) | Comment!
Jul. 16, 2012, 4:18 AM
Jul. 12, 2012, 6:27 AMBlackstone (BX) is reportedly joining up with former AIA Group chief Mark Wilson and Swiss Re to bid for ING's (ING) Asian insurance business. The consortium may make a bid of €5B-€6B ($6.1B-$7.3B), which, at the upper end, would match the $7B that ING is looking for. Other bidders include AIA, Korea Life Insurance and Manulife (MFC). | Comment!
May. 16, 2012, 11:46 AM
Mar. 6, 2012, 3:41 AM
Jan. 26, 2012, 1:10 PMWhile AIG (AIG) has been selling assets over the past few years so it can pay back its $182B bailout, the company is once again harboring dreams of international growth, with Chairman Steve Miller saying the firm may want to one day buy a life insurer outside the U.S. and even increase its stake in AIA (AAIGF.PK). | 1 Comment
AAIGF 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