The life insurance unit of Tata AIG will be called Tata AIA Life Insurance. The company was set up as a joint venture between Tata Group and international insurer American International Group, Inc (AIG). It started operations in April 2001. Since its inception, Tata Sons owns 74% stake in joint venture with the remaining 26% share held by AIA, a 100% owned-subsidiary of AIG at that time.
In 2010, AIA went public in Hong Kong and raised $20.51 billion through an initial public offering (IPO). To create a uniform identity of AIA owned companies post this IPO, the two promoters of this joint venture have chosen to change the company’s name to Tata AIA Life Insurance. However, the company makes this transition just in its name; its focus in protecting the financial well-being of its customers remains unchanged.