AIA Successfully Prices $500M Floating Rate Senior Notes

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Publicly listed pan-Asian life insurance group AIA Group Limited, announced recently that it has successfully priced $500 million of senior unsecured floating rate notes due 2021 under its $6 billion Global Medium Term Note and Securities Program.

The notes will bear an interest rate of US dollar LIBOR plus 52 basis points per annum. AIA said it will use the proceeds from the notes for general corporate purposes.

AIA has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.

The business that is now AIA was first established in Shanghai almost a century ago in 1919. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$221 billion as of 30 June 2018.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients.

Also Read: BPI Raises $600M in 5-Year Senior Notes

Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of 32 million individual policies and over 16 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”). – BusinessNews.ph

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