AIA sees $2bn profit before IPO
Monday 27 September 2010
AIA, the Asian unit of US insurance giant AIG, is likely to return profits of $2bn this year, just months after its proposed takeover by Prudential collapsed.
AIA's impressive prediction comes ahead of a planned flotation, which is expected to raise about $15bn. A deal of that size would make it the biggest ever insurance IPO in Hong Kong.
The profit forecast comes after AIG unsuccessfully tried to sell the Asian business earlier this year. Prudential, which already has a large presence in Asia, asked AIG to cut the $30.4bn price tag but was turned down, leading to the deal's termination.
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