“All of this was deeply unsettling”
One year after AIA’s IPO, the third largest ever, CEO Mark Tucker has rallied the troops to produce results as he consolidates his operations and builds new businesses. November 17, 2011 | Peter HoflichAIA CEO Mark Tucker has led an interesting life. Having been in the insurance world for many years, most of them at Prudential of the UK,, he was briefly the group finance director of HBOS from 2004 to 2005 before returning to Prudential as its CEO from 2005 to 2009. His successor as CEO of Prudential, Tidjane Thiam, tried to make his mark by acquiring AIA from the struggling AIG, a project he and Tucker had once investigated together, but it over-bid and the deal was botched. With a new commitment to list AIA instead of selling it off to a company like Prudential, AIG got strategic by bringing in Thiam’s former boss Tucker to lead the effort and reinvent the company with a strong listing that would bring in full value for AIG’s crown jewels. The October 11th 2010 Hong Kong listing was the third-largest ever and brought in $20.2 billion for 67% of the insurer; AIG will sell off the rest of its shares in the company in tranches (since June 2011, the stock was added to the 46 constituents of the Hang Seng Index). Now, as the head of Asia-focused AIA, Tucker will be going head-to-head with Prudential’s Asia business, which Tucker himself had spent 11 years building when he was with that company; he will also be facing a rival that had access to AIA’s accounts from the due diligence process conducted when Prudential was trying to acquire it. In terms of rebuilding an AIA that spent years under an unsteady parent that saw policy holders “run” on the insurer to cash in on policies in markets such as Singapore in late 2008, not to mention a long period in limbo as a potential acquire, Tucker has a huge task ahead of him. Tucker has spent a great deal of time with his nervous sales force that has been through the emotional and financial wringer; Tucker has a vast respect and gratitude for those who have stayed on with AIA throughout. “The quality, the professionalism, the dedication, the loyalty, the commitment of the agents across the regio... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Bancassurance, Retail BankingBancassurance,retail, Bancassurance,Retail Banking, Keywords:Mark Tucker, AIA, AIG, China Construction Bank, Citibank, Industrial And Commercial Bank Of China Mark Tucker, AIA, AIG, China Construction Bank, Citibank, Industrial and Commercial Bank of China
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