DOCSLIB.ORG

Annual Report 2017

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2017 ANNUAL REPORT 2017 STOCK CODE 1299 SHAPING OUR FUTURE WorldReginfo - b33b012e-77ce-4c02-95d5-1a602f4ac522 VISION & PURPOSE OUR VISION is to be the world’s pre-eminent life insurance provider. That is our service to our customers and our shareholders. OUR PURPOSE is to play a leadership role in driving economic and social development across the region. That is our service to societies and their people. ABOUT AIA AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It 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. 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$216 billion as of 30 November 2017. 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. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 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”). Notes: (1) Explanations of certain terms and abbreviations used in this report are set forth in the Glossary. (2) Unless otherwise specified, 2016 and 2017 refer to the financial year of the Group, which ends on 30 November of the year indicated. WorldReginfo - b33b012e-77ce-4c02-95d5-1a602f4ac522 KEY MILESTONES 1919 1981 AIA put down its Our New Zealand operations corporate roots in Asia began as a branch of when the group founder American Life Insurance Mr. Cornelius Vander Starr Company (ALICO). established an insurance agency in Shanghai. 1982 We entered Macau. 1921 Mr. Cornelius Vander Starr 1984 founded Asia Life Insurance We entered Indonesia. Company, his first life insurance enterprise in Shanghai. 1987 Korean operations began. 1931 Mr. Cornelius Vander Starr 1990 founded International Our operations in Taiwan Assurance Company, were established as a Limited (INTASCO), in branch of ALICO. Shanghai. INTASCO established branch offices in Hong Kong and Singapore. 1938 INTASCO entered Siam, later renamed Thailand. 1919 1947 2010 The Philippine American Life and General Insurance Company (Philam Life) was 1992 founded in the Philippines. We re-established our presence in China through a INTASCO moved its head branch office in Shanghai, office to Hong Kong. the first foreign-owned life business to receive a licence 1948 in the country. INTASCO changed its name to American International 1998 Assurance Company, We celebrated the Limited. return to our former We entered Malaysia. headquarters building on The Bund in Shanghai. 1957 We registered in Brunei. 2000 We formed a subsidiary 1972 in Vietnam. We formed a subsidiary in Australia. 2001 A joint venture in India was established. WorldReginfo - b33b012e-77ce-4c02-95d5-1a602f4ac522 2009 2014 2017 ALICO Taiwan became AIA and Citibank formed a AIA OPENS FOR BUSINESS IN CAMBODIA our branch office. landmark, long-term and AIA was granted an insurance licence and exclusive bancassurance Philam Life became our commenced business in Cambodia. partnership that operating subsidiary. encompasses 11 markets in AIA FURTHER EXTENDS LEADERSHIP POSITION We completed the the Asia-Pacific region. IN THE AUSTRALIAN AND NEW ZEALAND LIFE reorganisation driven by AIA became the Official INSURANCE MARKETS AIG’s liquidity crisis in 2008, Shirt Partner of Tottenham AIA reached an agreement with the Commonwealth leading to the positioning of Hotspur Football Club to Bank of Australia (CBA) to acquire CBA’s life the Company for a public promote the role of sports as insurance business in Australia and life and health listing. a key element of healthy insurance businesses in New Zealand. AIA also living. entered into 20-year strategic bancassurance 2010 partnerships with CBA in both markets. AIA Group Limited 2015 successfully listed on the AIA NAMED #1 MDRT COMPANY IN THE WORLD AIA became the #1 MDRT Main Board of The Stock FOR THIRD YEAR RUNNING company in the world. Exchange of Hong Kong AIA became the only multinational company in the Limited, the third-largest world to have achieved the largest number of MDRT IPO ever globally at the time. members for three consecutive years. 2015 2016 2017 2011 2016 AIA Group Limited The AIA Leadership Centre became a constituent stock opened in Bangkok. of the Hang Seng Index. AIA became the world’s We launched a sponsored #1 MDRT company for Level 1 American Depositary two consecutive years. Receipt programme. AIA PARTNERS WITH BANGKOK BANK We increased AIA Group’s AIA agreed a strategic long-term bancassurance stake in Tata AIA Life partnership with Bangkok Bank, in keeping with our 2013 Insurance Company Limited, strategic priority of partnering with leading financial AIA completed the full a joint venture in India, from institutions across the Asia-Pacific region. integration of the businesses 26 per cent to 49 per cent. of AIA and ING Malaysia. AIA APPOINTS DAVID BECKHAM AS We commenced business GLOBAL AMBASSADOR in Sri Lanka through the AIA appointed David Beckham as our Global acquisition of Aviva NDB Ambassador in support of our goal to help people Insurance. live healthier, longer, better lives. We opened a representative office in Myanmar. AIA PRESENTS THE HONG KONG OBSERVATION WHEEL AND THE AIA VITALITY PARK In December 2017, AIA became the exclusive Principal Sponsor of the Hong Kong Observation Wheel and also enhanced the site by an adjoining, newly created AIA Vitality Park. WorldReginfo - b33b012e-77ce-4c02-95d5-1a602f4ac522 CONTENTS OVERVIEW 004 Financial Highlights 006 Chairman’s Statement 008 Group Chief Executive and President’s Report FINANCIAL 015 Financial Review AND 032 Business Review OPERATING 050 Risk Management REVIEW 061 Regulatory and International Developments 062 Our People 064 Corporate Social Responsibility CORPORATE 069 Statement of Directors’ Responsibilities GOVERNANCE 070 Board of Directors 078 Executive Committee 083 Report of the Directors 092 Corporate Governance Report 104 Remuneration Report FINANCIAL 121 Independent Auditor’s Report STATEMENTS 128 Consolidated Income Statement 129 Consolidated Statement of Comprehensive Income 130 Consolidated Statement of Financial Position 132 Consolidated Statement of Changes in Equity 134 Consolidated Statement of Cash Flows 136 Notes to the Consolidated Financial Statements and Significant Accounting Policies 240 Independent Auditor’s Report on the Supplementary Embedded Value Information 244 Supplementary Embedded Value Information ADDITIONAL 264 Information for Shareholders INFORMATION 267 Corporate Information 268 Glossary WorldReginfo - b33b012e-77ce-4c02-95d5-1a602f4ac522 AIA AT-A-GLANCE We have a diversified business across the Asia-Pacific region. Our long experience in the region allows us to tailor our strategies to the culture, demographics and insurance needs of each market in which we operate. DRIVING ECONOMIC AND SOCIAL DEVELOPMENT ACROSS ASIA SINCE 1919 PRESENCE IN MARKETS HONG KONG INDONESIA MACAU NEW ZEALAND THAILAND THE PHILIPPINES SINGAPORE SRI LANKA BRUNEI TAIWAN MALAYSIA VIETNAM CHINA INDIA KOREA MYANMAR AUSTRALIA CAMBODIA 002 | AIA GROUP LIMITED WorldReginfo - b33b012e-77ce-4c02-95d5-1a602f4ac522 THE LARGEST LISTED COMPANY ON THE HONG KONG STOCK EXCHANGE NO.1 WORLDWIDE which is incorporated and FOR MDRT MEMBERS headquartered in Hong Kong the only multinational company to top the table for three consecutive years 2ND LARGEST LIFE INSURER IN The only international THE WORLD life insurer headquartered and listed in Hong Kong and 100% FOCUSED ON ASIA-PACIFIC Serving the holders 13 MILLION of more than BENEFIT PAYMENTS 30 MILLION are made during 2017, individual policies helping customers and and over their families to cope with 16 MILLION challenges at different PARTICIPATING life stages MEMBERS of group insurance Provides protection schemes to people across the region with total sum assured of over US$1TRILLION ANNUAL REPORT 2017 | 003 WorldReginfo - b33b012e-77ce-4c02-95d5-1a602f4ac522 OVERVIEW 2017 RESULTS AT-A-GLANCE* VALUE OF NEW BUSINESS ANNUALISED NEW OPERATING PROFIT AFTER (VONB)(1) PREMIUMS (ANP)(2) TAX (OPAT)(3) US$ US$ US$ millions millions millions 3,512 6,092 3,500 6,000 5,000 4,647 5,123 3,000 2,750 5,000 3,981 4,000 3,556 2,500 3,991 3,248 2,198 4,000 3,700 3,341 3,000 2,839 2,000 1,845 1,490 3,000 1,500 2,000 2,000 1,000 1,000 500 1,000 0 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 +28% +28% +19% +19% +16% +17% YoY (CER) YoY (AER) YoY (CER) YoY (AER) YoY (CER) YoY (AER) TOTAL WEIGHTED PREMIUM TOTAL ASSETS AND INCOME (TWPI)(4) EV EQUITY(5) TOTAL LIABILITIES US$ US$ US$ millions millions billions 30,000 60,000 250 26,147 51,775 216 25,000 50,000 22,133 43,650 200 185 19,876 39,818 169 170 173 20,000 19,211 40,000 39,042 17,808 34,871 149 150 150 136 138 123 15,000 30,000 100 10,000 20,000 50 5,000 10,000 0 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 +18% +18% +15% +19% +17% +16% YoY (CER) YoY (AER) YoY (CER) YoY (AER) TOTAL ASSETS TOTAL LIABILITIES Note: * Percentages shown indicate changes in 2017 compared with 2016.
Load more

Recommended publications
  • Powering up Towards Hypergrowth 2 Contents
    2013 Philam Life Performance Report Powering Up Towards Hypergrowth 2 Contents PRESIDENT’S MESSAGE 5 BUSINESS REVIEW 7 FINANCIAL HIGHLIGHTS 11 AFFILIATES & SUBSIDIARIES 12 CORPORATE SOCIAL RESPONSIBILITY 14 CORPORATE GOVERNANCE 16 FINANCIAL STATEMENTS 31 3 “In 2013, we sustained our growth momentum by powering up towards hypergrowth.” Rex Ma. A. Mendoza President and CEO 4 President’s Message In 2013, we “Powered Up towards Hypergrowth” by generating new business with healthy margins, strengthening distribution with a Premier Agency force, maximizing bancassurance potential, driving unit-linked products across channels, and transforming facilities and systems for best-in-class customer service. These initiatives represent our deep commitment to sustain our growth momentum from 2012 and achieve even bigger milestones in the coming year. We marked a major milestone in April 2013 as we moved our corporate head office from U.N. Avenue to Bonifacio Global City, one of the most progressive business districts in the country. Philam Life is now located at Net Lima Building. The move to BGC signifies Philam Life’s transformation into a dynamic workplace in a world-class environment. To power up our agency force, we introduced sales tools that make use of technology such as the distribution portal which helps financial advisors monitor their productivity online, and iPoS, an iPad-based application which enables financial advisors to conduct financial needs assessment, proposal generation, up to submission of policy application all in one sitting. Aligned with our drive to provide best-in-class customer servicing, we rolled out the “Operations Transformation” project which included significant enhancements in various customer touch points to make financial planning easy, fast, and convenient for our customers.
    [Show full text]
  • PX-360: 1/9/2004: American International Group, Inc. Form 10-Q
    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2004 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 70 Pine Street, New York, New York 10270 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (212) 770-7000 Former name, former address and former fiscal year, if changed since last report: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ü No Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ü No Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of September 30, 2004: 2,604,570,819. Table of Contents American International Group, Inc.
    [Show full text]
  • Philam Equitable Life Assurance Company 2015
    PHILAM EQUITABLE LIFE ASSURANCE COMPANY, INC. 2015 ANNUAL REPORT 1 Cash Production Report The table below shows the company’s cash production for FYTD November 2015 and February 2016. November 2015 FYTD Nov FYTD Nov FYTD Nov Amounts in Php Growth Actual 2015 2014 2015 '000s over PY vs Budget Actual Actual Budget First Year Premium - - n/a - n/a Renewal Premium 15,280 19,614 -22.10% 21,068 -27.47% Single Premium* (16) (34) -51.70% - n/a Total Premium 15,264 19,580 -73.79% 21,068 -27.55% February 2016 Amounts in Php FYTD Feb FYTD Feb FYTD Feb Growth Actual '000s 2016 2015 2016 over PY vs Budget Actual Actual Budget First Year Premium - - - - n/a Renewal Premium 2,621 4,055 -35.35% 2,202 19.04% Single Premium* (6) (5) 35.15% - n/a Total Premium 2,615 4,050 -35.43% 2,202 18.76% **Negative value represents the taxes on COI The table below shows the net asset value of PELAC’s VUL funds as of February 29, 2016. Original Translated Fund Currency Amount Amounts in '000s (USD) (PHP) Principal Protect 1 1,250 59,417 Principal Protect 2 3,053 145,177 High Water Mark 1,143 54,334 Total 5,445 258,928 2 2015 Calendar Year Results Presented below are the Financial Highlights for Calendar Year 2015 versus 2014 (Philippine GAAP basis). Phil. GAAP basis CYTD Dec 2015 CYTD Dec 2014 Growth Amounts in Php ’000s Actual Actual Over PY Net Insurance Premiums 2,764 4,813 -42.6% Net Investment Income 34,641 37,513 -7.7% Gain on Sale of Available for Sale 3,441 15,033.00 100.0% Financial Assets Net Insurance Benefits and 3,772 9,831 -61.6% Claims Operating Expenses 32,060 30,691 4.5% Net Income 24,284 23,054 5.3% 1 After the termination of the Bancassurance Agreement with BDO in 2009, PELAC was no longer issuing new policies.
    [Show full text]
  • Aia Philam Life Annual Report 2019
    THE RACE AGAINST RISK AIA PHILAM LIFE ANNUAL REPORT 2019 AIA PHILAM LIFE ANNUAL REPORT 2019 | 1 CONTENTS We at AIA Philam Life make a positive difference in the lives of Filipinos by giving them peace of mind through the innovative OVERVIEW AIA at a Glance ............................................................................4 protection and long-term savings Philam Life at a Glance .............................................................6 solutions we offer, helping them live Message from Chief Executive Officer ................................8 Healthier, Longer, and Better Lives. Financial Highlights .................................................................11 We are our customers’ partner in BUSINESS REVIEW creating a secure future for them Agency Distribution .................................................................12 and their loved ones. Corporate Solutions .................................................................15 Marketing ....................................................................................16 The strength and stability of our Philam Vitality ...........................................................................18 business makes it possible for us Affiliates and Subsidiaries ....................................................19 to fulfill our commitments to our Investments ...............................................................................20 customers, while access to global Real Estate ..................................................................................20
    [Show full text]
  • AIA Group Limited – Annual Report 2011 Delivering Quality Growth
    AIA Group Limited 友邦保險控股有限公司 Annual Report 2011 AIA Group Limited 友邦保險控股有限公司 Delivering Quality Annual Report 2011 Growth AIA Group Limited 友邦保險控股有限公司 AIA.COM Stock code: 1299 Vision AIA is the pre-eminent life insurance provider in the Asia Pacific region, differentiated from our competitors by the combination of our Asia regional focus, the scale, quality and profitability of our operations across the region, and the standards of service and benefits we deliver to our customers. Our vision is to grow our business prudently and profitably in all the markets we serve in order to optimise returns for our shareholders over time. About AIA AIA Group Limited and its subsidiaries (collectively “AIA” or “the Group”) 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 Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau and Brunei and a 26 per cent joint venture shareholding in India. The business that is now AIA was first established in Shanghai over 90 years ago. 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$114,461 million as of 30 November 2011. AIA meets the savings and protection needs of individuals by offering a range of products and services including retirement planning, life insurance and accident and health insurance. The Group also provides employee benefits, credit life and pension services to corporate clients.
    [Show full text]
  • GAO-11-46 Troubled Asset Relief Program
    United States Government Accountability Office Report to Congressional Addressees GAO January 2011 TROUBLED ASSET RELIEF PROGRAM Third Quarter 2010 Update of Government Assistance Provided to AIG and Description of Recent Execution of Recapitalization Plan GAO-11-46 January 2011 TROUBLED ASSET RELIEF PROGRAM Accountability Integrity Reliability Third Quarter 2010 Update of Government Assistance Highlights Provided to AIG and Description of Recent Execution Highlights of GAO-11-46, a report to of Recapitalization Plan congressional addressees Why GAO Did This Study What GAO Found Assistance provided by the Largely due to the federal assistance Treasury and the Federal Reserve Department of the Treasury provided to AIG, as measured by several indicators, AIG’s financial condition (Treasury), under the Troubled has generally remained relatively stable or showed signs of improvement Asset Relief Program (TARP), and since GAO’s last report in April 2010. As of September 30, 2010, the the Board of Governors of the outstanding balance of the Federal Reserve and Treasury assistance to AIG Federal Reserve System (Federal was $123.7 billion, down from $129.1 billion in December 2009 (see table). Reserve) to American International Group, Inc. (AIG) represents one of Overall, federal assistance appears to be facilitating a more orderly the federal government’s largest restructuring of the company. investments in a private-sector institution since the financial crisis Several indicators show that AIGFP has continued to unwind its credit default began in 2008. AIG is a holding swap positions and its portfolio of super senior credit default swaps. Several company that, through its indicators on the status of AIG’s insurance companies illustrate that its subsidiaries, engaged in a broad insurance operations are showing signs of recovery, but federal assistance has range of insurance and insurance- been a critical factor.
    [Show full text]
  • 2009 Annual Report American International Group, Inc
    American International Group, Inc. 2009 Annual Report American International Group, Inc. (AIG) is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve com- mercial, institutional, and individual customers through one of the most extensive worldwide property casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo. Chairman’s Johnson, George Miles, and Morris Offi t, Message represents a collective vote of confi dence in the company, its many talented people, Harvey Golub and its strategy going forward, and a Non-Executive personal willingness to deal with one of Chairman of the Board the most complicated restructurings in business history. They have been working extraordinarily hard and will continue to do so under very challenging conditions. I thank them all for their support. During the year, Stephen Bollenbach, n behalf of AIG’s Board of Martin Feldstein, James Orr, Virginia Directors, I am pleased to be Rometty, Michael Sutton, Edmund Tse, able to report to you that and Ed Liddy retired after a period of O the company and the Board have time spent dealing with the liquidity crisis made substantial progress over the past and the initial work on the government year in addressing and resolving a number bailout. We thank them for their service. of the critical issues facing the company. Most notably, in 2008, Ed Liddy joined the In addition to the positive developments company as Chairman and Chief Execu- concerning AIG that Bob Benmosche tive Offi cer as a public service and did so discusses in his letter, including reorganiz- at the behest of the U.S.
    [Show full text]
  • 2015 Annual Report
    2015 Philam Life Performance Report Real Life Starts Now Contents I. COMPANY PROFILES 4 - 7 II. MESSAGE FROM THE CEO 8 III. FINANCIAL HIGHLIGHTS 9 IV. BUSINESS REVIEW 10 - 13 V. OUR PEOPLE 14 - 15 VI. AFFILIATES 16 VII. CORPORATE SOCIAL RESPONSIBILITY 17 VIII. CORPORATE GOVERNANCE 18 - 32 IX. FINANCIAL STATEMENTS 33-35 Contact Us For comments or inquiries, please contact: Corporate Communications & PR Office, 18F Philam Life Head Office, Net Lima Bldg, 5th Ave. corner 26th St., Bonifacio Global City, Taguig 1634 Tel. 526-9337/528-5462 3 COMPANY PROFILE PROFILE COMPANY AT A GLANCE: AIA AIA has a diversified business across the Our Vision is to become the pre- Asia-Pacific region. Our long experience eminent life insurance provider in the in the region allows us to tailor our Asia-Pacific region. strategies to the culture, demographics, and insurance needs of each market in Our Purpose is to play a leadership which we operate. role in driving economic growth and social development across the region. It is the Largest Hong Kong headquartered and incorporated company Our primary focus in Corporate on the Hong Kong Stock Exchange and Social Responsibility is healthy the Second Largest life insurer in the living - helping people across the region world. to lead longer, healthier, better lives. Almost TOTAL SUM a century ASSURED OF OVER 168 Billion USD of History 1 Over in Assets in the region Trillion USD 100% Ownership 16 in 16 out of Million Group Scheme 18 More than Members Geographical #1 Markets 12 29 WORLDWIDE Million USD Million for MDRT
    [Show full text]
  • 2015 Annual Report, Page 3, Our Vision, Our Mission
    Company Profile OUR HERITAGE BPI-Philam Life Assurance Corporation is a strategic alliance between two leading financial companies in the Philippines – The Philippine American Life and General Insurance Company (Philam Life) and Bank of the Philippine 1851 Islands (BPI). The first bank in the Philippines and Southeast Asia comes to life with the Philam Life is a premier life insurance company in the establishment of El Banco Español Filipino De Isabel II, under the auspices Philippines and a market leader for over 60 years. of the Governor and Captain-General of the Philippines, Antonio De Urbiztondo Y Bank of the Philippine Islands is a leading commercial Eguia. bank in the country with over 160 years of experience in the local banking industry and an extensive branch network of more than 800 branches and 1,500 ATMs. 1907 With the Philippines then under U.S. colonial rule, a general meeting of the A Member of the AIA Group bank’s shareholders approves to adopt the name “Bank of the Philippine Islands,” BPI-Philam is the bancassurance arm of AIA in the marking a new era of renewed vigor and Philippines. AIA is the second largest life insurance activity for the bank. company in the world that operates in 18 markets in Asia Pacific. 1919 AIA puts down its corporate roots in Asia when the group founder Mr. Cornelius Vander Starr establishes an insurance agency in Shanghai. OUR VISION 1947 C.V. Starr and Earl Caroll establishes To be the undisputed benchmark in the Philam Life with a firm resolve to help bancassurance industry.
    [Show full text]
  • Office of the Special Inspector General for the Troubled Asset Relief Program
    SIGTARP: Quarterly Report to Congress | July 21, 2010 Congress to Quarterly Report SIGTARP: NSPECTOR L I GE IA NE C R E A P L S T R M O A U R B G L O ED R A F P SSET RELIE Office of the Special Inspector General Q3 for the Troubled Asset Relief Program SIGTARPSIGTARP 2010 SIGTARPSIGTARP Advancing Economic Stability Through Transparency, Coordinated Oversight and Robust Enforcement SIG-QR-10-03 202.622.1419 Hotline: 877.SIG.2009 Quarterly Report to Congress [email protected] July 21, 2010 www.SIGTARP.gov MISSION SIGTARP’s mission is to advance economic stability by promoting the efficiency and effectiveness of TARP management, through transparency, through coordinated oversight, and through robust enforcement against those, whether inside or outside of Government, who waste, steal or abuse TARP funds. STATUTORY AUTHORITY SIGTARP was established by Section 121 of the Emergency Economic Stabilization Act of 2008 (“EESA”) and amended by the Special Inspector General for the Troubled Asset Relief Program Act of 2009 (“SIGTARP Act”). Under EESA and the SIGTARP Act, the Special Inspector General has the duty, among other things, to conduct, supervise and coordinate audits and investigations of any actions taken under the Troubled Asset Relief Program (“TARP”) or as deemed appropriate by the Special Inspector General. In carrying out those duties, SIGTARP has the authority set forth in Section 6 of the Inspector General Act of 1978, including the power to issue subpoenas. Office of the Special Inspector General for the Troubled Asset Relief
    [Show full text]
  • Annual Report 2010
    AIA Group Limited 友邦保險控股有限公司 Annual Report 2010 AIA Group Limited A 友邦保險控股有限公司 BEGINNING Annual Report 2010 AIA Group Limited 友邦保險控股有限公司 AIA.COM Stock code: 1299 Vision Our vision is to be the pre-eminent life insurance provider in the Asia Pacific region, differentiated from our competitors by the combination of our Asia regional focus, the scale, quality and profitability of our operations across the region, and the standards of service and benefits we deliver to our customers. We aim to grow our business prudently and profitably in all the markets we serve in order to optimise returns for our shareholders over time. About the AIA Group AIA Group Limited (“the Company”; stock code: 1299) and its subsidiaries (collectively “the AIA Group” or “the Group”) comprise the largest independent listed pan-Asian life insurance group in the world, with a broad footprint spanning 15 markets in Asia Pacific. The Group traces its roots in the region back more than 90 years and has total assets of US$107.9 billion. The AIA Group meets the protection, savings and investment needs of individuals by offering a comprehensive suite of products and services covering accident and health insurance, life insurance and retirement planning. It also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of more than 260,000 agents and over 21,000 employees across Asia Pacific, the Group serves the holders of over 23 million individual policies and over 10 million participating members of group policies. The Group has operations in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei and India.
    [Show full text]
  • GAO-10-475 Troubled Asset Relief Program
    United States Government Accountability Office Report to Congressional Committees GAO April 2010 TROUBLED ASSET RELIEF PROGRAM Update of Government Assistance Provided to AIG GAO-10-475 April 2010 TROUBLED ASSET RELIEF PROGRAM Accountability Integrity Reliability Highlights Update of Government Assistance Provided to AIG Highlights of GAO-10-475, a report to congressional committees Why GAO Did This Study What GAO Found Assistance provided by the Since our last report in September 2009, AIG’s financial condition has Department of the Treasury remained relatively stable, as measured by several indicators, largely due to (Treasury) under the Troubled the federal assistance provided by the Federal Reserve and Treasury to assist Asset Relief Program (TARP) and AIG as a result of their determination that the company posed systemic risk to the Board of Governors of the the financial system. Specifically, the Federal Reserve and Treasury have Federal Reserve System (Federal Reserve) to American International made more than $182 billion available to assist AIG since March 2008. As of Group, Inc. (AIG)—a holding December 31, 2009, the outstanding balance of the assistance provided to AIG company that, through its was $129.1 billion, about $8.4 billion more than the balance on September 2, subsidiaries, is engaged in a broad 2009 (see table). The federal assistance also appears to be facilitating a more range of insurance and insurance- orderly restructuring of the company. GAO’s indicators show that, in general, related activities in the United the improvements in AIG’s condition in the second quarter of 2009 continued States and abroad—represents one into the third and fourth quarters due largely to ongoing federal assistance.
    [Show full text]