AIA Group Ltd. does not have any plans to seek listing of its India-based joint venture, Tata AIA Life Insurance Co. Ltd., The Hindu Business Line reported Oct. 3, citing Ng Keng Hooi, group CEO and president of the Hong Kong-based group.
AIA Group owns a 49% stake in Tata AIA Life. Hooi said the joint venture does not need to conduct an IPO to raise capital since it is financially strong.
Hooi's comments came as Indian insurers are rushing to go public. SBI Life Insurance Co. Ltd. and ICICI Lombard General Insurance Co. Ltd. recently listed their shares, while others, including HDFC Standard Life Insurance Co. Ltd., are expected to make their trading debut in the near future.