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TEXT-S&P: No rating impact on AIA, AIA Bermuda
Sept 28 - Standard & Poor's Ratings Services said today that its ratings and outlook on American International Assurance Co. Ltd. (AIA; local currency AA-/Stable/--; cnAAA/--) and American International Assurance Co. (Bermuda) Ltd. (AIAB; local currency AA-/Stable/--; cnAAA/--) are unaffected by a proposed acquisition of a Sri Lankan insurer by AIA Group Ltd. (not rated). In our view, the acquisition will not have a material impact on the group, and therefore we don't expect it to change our assessment of the overall business and financial risk profiles of AIA and AIAB. The companies' strong capital position and business profiles should continue to support the ratings.
AIA Group announced on Sept. 27, 2012, that it plans to pay US$109 million in cash to acquire a 92.3% stake in Sri Lanka-based insurer Aviva NDB Insurance PLC (not rated) from its co-owners, U.K.-based insurer Aviva PLC (local currency A-/Stable/--) and Sri Lanka's National Development Bank (not rated). The transaction, which is still subject to regulatory approval, includes an exclusive 20-year bancassurance agreement that AIA Group will enter into with the bank.
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