No IPO plans for Tata AIA LifeOctober 5 2017 by InsuranceAsia News Staff
As its rivals race to the IPO charts, Tata AIA Life Insurance prefers to stay where it is.
AIA’s chief executive officer and president Ng Keng Hooi revealed that the company does not currently have any interest in listing in India, saying there was no need to list to raise fresh funds as the firm remains financially strong.
Ng made the remark on the sidelines of AIA Media Day in Hong Kong.
The group owns a 49% stake, the maximum allowed under India’s laws, in its Indian joint venture Tata AIA Life Insurance.
AIA initially harboured a 26% interest in the venture, but later increased it to 49% to take advantage of the relaxed foreign investment cap in insurance companies.
Ng was open to the idea of acquiring Indian insurers, but he stressed that the move must make financial, business, and strategic sense.
- August 13
It has reportedly started the process of selling up to 4% of SBI General Insurance.
- August 3
Hong Kong billionaire Richard Li is reportedly weighing the possibility of listing away from home.
- August 1
The group is reportedly considering an offering in the Lion City as an alternative to listing in Hong Kong.
- August 1
The issue will involve a sale of shares by Punjab National Bank, MetLife and other institutional shareholders.