AIA Group, known as AIA, is the largest publicly listed life insurance group in Asia-Pacific. It offers insurance, financial services, retirement planning, and wealth management. AIA operates in 18 markets in Asia-Pacific and has exclusive agreements with Citibank and sports clubs like Tottenham Hotspur.
Since 1887, the AIA has relied upon a committee of experts to help draft and update its Contract Documents. The AIA Documents Committee has played a crucial role in creating AIA Contract Documents.
The three-man Committee on the Uniform Contract, consisting of the treasurer and secretary of the Institute, drafted and published the Uniform Contract of 1888, which was the first standard building agreement in the United States.
The Committee on Contracts and Specifications developed the first General Conditions document, which was released in 1911 after incorporating feedback from builders, architects, and attorneys.
The Second Edition of the Standard Documents by the American Institute of Architects (AIA) was published in 1915, further solidifying the importance of AIA Contract Documents in the construction industry.
The Committee drafted America’s first standard owner-architect agreement in 1917, marking a significant milestone in the development of AIA's documents.
AIA Group was established on June 2, 1919, and is the largest pan-Asian life insurance group providing insurance and financial services products.
Cornelius Vander Starr founded American Asiatic Underwriters in Shanghai, China, which later became AIA. The company expanded globally under Starr's leadership.
INTASCO moved its head office to Hong Kong and rebranded as American International Assurance Company, Limited (AIA Co).
Due to the Japanese invasion of China, Cornelius Vander Starr relocated the head office of AIA from Shanghai to New York City in 1939.
INTASCO relocated its head office to Hong Kong for the second time and changed its name to American International Assurance Company, Limited (AIA Co).
After the communist takeover of mainland China, the Chinese AIA became a subsidiary of the New York-based American International Group (AIG) in 1949.
In 1966, the five-person Documents Review Committee revised the AIA Contract Documents, undergoing a major reorganization to accommodate the increasing number and complexity of documents.
Since 1976, the AIA has revised its documents on a uniform ten-year cycle, ensuring regular updates to account for emerging trends in the construction and legal fields.
AIA commenced its operations in New Zealand in 1981 as a member of the American Life Insurance Company (ALICO) and is headquartered in Takapuna, Auckland.
In 1992, a branch office was established in Shanghai, marking the re-establishment of presence in China. It became the first foreign-owned life insurance business to receive a license in the country.
In 2008, the AIA Group received the first international Takaful Operator license in Malaysia, as part of the Islamic financial institution. This marked a significant milestone in the company's Asia Pacific expansion.
AIG sold preferred equity interests in AIA to the Federal Reserve Bank of New York to reduce its debt by US$25 billion in 2009.
Prudential PLC, a UK-based financial services and securities company, announced it would buy AIA for US$35.5 billion on March 2, 2010.
AIA planned to be listed on the Hong Kong Stock Exchange and Securities and Futures Commission on April 3, 2010.
AIA acquired a 92.3% stake in Sri Lankan insurer Aviva NDB Insurance from British insurer Aviva and Sri Lanka's National Development Bank on September 11, 2012.
AIA acquired ING Group's Malaysian insurance subsidiaries for a cash consideration of €1.336 billion (US$1.73 billion) on October 7, 2012.
AIG sold all of its 13.69% shareholding in AIA on December 21, 2012.
Since June 2, 2013, AIA has had an exclusive bancassurance agreement with Citibank covering 11 AIA markets in Asia-Pacific.
The AIA Healthy Kids Challenge initiative was run in 2016, promoting fitness and health among children. It aimed to encourage healthy habits and physical activity.
In 2017, AIA acquired the Australian life insurance business of Commonwealth Bank of Australia (CBA) and its life and health insurance businesses in New Zealand. This strategic move also established a long-term bancassurance partnership with CBA.
In 2018, AIA announced the acquisition of Sovereign, one of New Zealand's major life and health insurers. Following the acquisition, Sovereign now operates under the AIA brand, making AIA the largest life insurer in New Zealand.
In 2019, AIA Group is celebrating its Centennial Year with a 12-month programme of special events and activities across the Asia-Pacific region. The celebration highlights AIA's commitment to safeguarding the financial security of consumers and its promise of Healthier, Longer, Better Lives.
On June 1, 2020, Lee Yuan Siong was appointed as the executive director, group chief executive and president of AIA. He has over 30 years of experience in the insurance sector and has held various leadership roles within the AIA group.
In 2021, AIA Group secured an exclusive bancassurance agreement with Citibank covering 11 markets, enhancing its business model and growth.
AIA Careers is a platform for individuals who are passionate about making a positive impact on the world and are interested in contributing to a healthier and more sustainable future.
The Committee is actively working to draft an updated suite of Contract Documents for release in 2027, which will be the AIA's eighteenth edition of standard documents and coincide with the 140-year anniversary of the Documents Committee.