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The group's principal office is in Karachi and it has branch offices in Lahore, Islamabad, Faisalabad and Sialkot. AIG has been selling automobile insurance in Pakistan since 1949. In March 2010, New Hampshire Insurance became the first company in Pakistan to offer terrorism insurance, in collaboration with Allied Bank Ltd. [5]
On 1 December 2009, AIG sold preferred equity interests in two newly formed international life insurance subsidiaries, American International Assurance Company, Limited (AIA) and American Life Insurance Company (ALICO), to the Federal Reserve Bank of New York to reduce its debt by US$25 billion. [1]
[4] [1] The series of transactions resulted in AIA Group and Public Bank holding 70 and 30 percent interests respectively in the company. [ 1 ] AIA PUBLIC distributes family takaful products via AIA Malaysia's 17,000 insurance agents (known as life planners) (as of 2015) and Public Bank's over 250 branches in Malaysia.
AIG Financial Products Corporation (AIGFP) is a subsidiary of the American International Group, headquartered in New York, New York, with major operations in London. The collapse of AIG Financial Products, headquartered in Wilton, Connecticut , is considered to have played a pivotal role in the global financial crisis of 2008–2009 .
Malaysia - IAG owns 49% of the general insurance arm of Malaysian-based AmBank Group, AmGeneral Holdings Berhad, which trades under the AmAssurance and Kurnia brands Vietnam - IAG owned 63.17% of AAA Assurance Corporation until 2018, when it sold its holding to Tokio Marine.
Payments Network Malaysia Sdn Bhd (PayNet) is the national payments network and shared central infrastructure for Malaysia’s financial markets. It was formed from the merger between the Malaysian Electronic Payment System (MEPS) and Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) on 1 August 2017. [ 1 ]
It is the only life insurance company to be listed on the Singapore Exchange (SGX), and the largest insurance company in Southeast Asia in terms of assets and market capitalisation. On 19 June 2023, OCBC Bank upped its stake in insurance subsidiary Great Eastern Holdings to 88.4%.
List of Malaysian banks by total assets as of 31 December 2023 Ranking Bank Totals in billions of Malaysian ringgit Assets Equity 1: Maybank: 947.8: 86.0