Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Benmosche Exits Greenberg Jewel Linked to AIG Founding

AIG Divests Greenberg Jewel That Thiam Failed to Buy
American International Group Inc.'s AIA Tower stands in Hong Kong. Photographer: Timothy O'Rourke/Bloomberg

American International Group Inc. has cut a tie to its founding in Asia as the company winds down bets on non-U.S. life insurance.

AIG completed its last offering of AIA Group Ltd. shares, raising $6.45 billion, the New York-based company said today. Hong Kong-based AIA is among divisions labeled a “crown jewel” by former Chief Executive Officer Maurice “Hank” Greenberg.

The following is a timeline of AIG’s growth in Asia, followed by divestitures as the company repaid a U.S. rescue.

1919: Cornelius Vander Starr founds American Asiatic Underwriters in Shanghai.

1921: Starr establishes Asia Life Insurance Co., which will later become American Life Insurance Co., known as Alico.

1931: Starr establishes International Assurance Co., which later becomes American International Assurance Co., also known as AIA.

1969: AIG, formed to hold Starr-founded companies, goes public.

1992: AIA is the first foreign-owned life- and non-life insurance business to receive a license in China, according to the company’s website.

2004: Non-U.S. life is one of AIG’s “crown jewels,” Greenberg says. The business “could not be replicated” by rivals.

May 2006: AIA wins approval to sell group life in China.

April 9, 2008: AIG projects operating profit from life insurance outside the U.S. will climb 88 percent by 2012 to $12 billion.

Sept. 16, 2008: The U.S. bails out AIG after the insurer is overwhelmed by losses on bets tied to the U.S. housing market.

Oct. 3, 2008: AIG will sell life-insurance operations in the U.S., Europe, Latin America and Japan and keep a majority stake in AIA, “if at all possible,” says then-CEO Edward Liddy.

Dec. 1, 2009: AIG is allowed to reduce its draw on a Federal Reserve credit line by $25 billion in anticipation of proceeds from divestitures of AIA and Alico.

March 1, 2010: AIG agrees to sell AIA to Prudential Plc for $35.5 billion in cash and securities. CEO Robert Benmosche says the deal will provide funds on a “faster track” than an IPO.

March 8, 2010: MetLife Inc. agrees to buy Alico for about $16 billion.

June 2, 2010: Prudential Plc, led by Tidjane Thiam, says it terminated the deal after shareholders balked at the price.

Sept. 30, 2010: Prudential Financial Inc. agrees to buy AIG Star Life Insurance Co. and AIG Edison Life Insurance Co. for about $4.8 billion to expand in Japan.

October 2010: AIG raises $20.5 billion selling a 67 percent stake in AIA in Hong Kong’s largest public offering.

Jan. 12, 2011: AIG agrees to sell Taipei-based Nan Shan Life Insurance Co. to Ruen Chen Investment Holding Co.

March 6, 2012: AIG sells about $6 billion of AIA shares.

Sept. 6, 2012: AIG sells about $2 billion of AIA shares, cutting stake to 14 percent.

Dec. 10, 2012: The U.S. says it is selling the last of its shares acquired in the AIG bailout. The government’s profit on the rescue is about $22.7 billion.

Dec. 18, 2012: AIG says it sold the last of its AIA shares in an offering that raised $6.45 billion.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.