American International Group (AIG) has announced it intends to maintain a majority interest in American International Assurance (AIA) companies in Asia, including its Australian life insurance operation, AIG Life.
"The intention announced by our ultimate parent to retain a majority stake in the AIA Companies is great news and heralds a new era for the business," AIG Life Companies Asia Pacific regional president Mark Wilson said.
"The introduction of one or more minority investors will ensure AIA Companies in Asia have the ability to grow to their full potential, in one of the fastest growing life insurance markets in the world."
The announcement is good news for the company, staff, business partners and over 20 million policyholders, according to Wilson.
AIG Life Australia managing director Stuart Harrison said the announcement was a vote of confidence in the success of the Asia life insurance businesses of the AIA Companies, including the Australian operations.
AIG Life Australia will continue its growth program, including a major product overhaul due for launch in December 2008, and a series of new technology releases in 2009.
"We have been setting the pace for some time now, and we are working on a number of major initiatives which will come to market over the coming months. It is a very exciting time for us," Harrison said.
