AIG的亚洲救星和对手

    保险业巨头美国国际集团（AIG）一直与其前亚洲子公司美国友邦保险（AIA）维持着特殊的关系。毕竟，AIG是由富有冒险精神的加利福尼亚人C.V.斯塔尔于1919年在上海创办的。斯塔尔是亚洲人寿保险业的先驱。AIG在1950年退出中国市场，即毛泽东领导的共产党建立新中国的一年后。但AIA仍然是一颗皇冠上的明珠，在亚洲一些最奢华的地区持有房地产资产。

    最近，这家亚洲保险公司成为了AIG的救星：在2008年金融危机肆虐之际，美国联邦储备委员会（Federal Reserve）向AIG提供了巨额信贷工具，代价是该公司向其提供认股权证。后来，为了向美联储偿还资金，AIG出售了其在AIA的大部分股权。

    如今，重新焕发生机的AIG可能会寻求与这个昔日的子公司展开竞争。此前，美国政府已经出售了手中所持AIG的全部股权并获利。2012年11月末，AIG宣布了与中国国有保险公司中国人民财产保险股份有限公司（People's Insurance Co. of China，简称：人保财险）达成的一项协议。根据该协议，AIG将向人保财险12月份在香港的首次公开募股（IPO）交易出资约5亿美元。中国人保财险的香港IPO筹得31亿美元。

    作为协议的一部分，两家公司预计将成立一家合资企业，专门在中国销售寿险，而中国市场正是AIA的老地盘。

    不过，这不完全是一场针尖对麦芒的较量：瑞士信贷（Credit Suisse）称，AIA在中国寿险市场的占有率目前只有1%。中国人寿（China Life）和中国平安（Ping An）共同拥有近50%的市场份额。通过与中国第五大寿险公司、人保财险强强联合，AIG将有望抢得先机，不过AIA在东南亚大部分地区扮演着行业领袖的角色。（瑞士信贷预计，AIA公司 2012年将实现净利润26.5亿美元，同比增长66%，受亚洲市场中产阶级不断壮大提振。）

    一些分析师推测，与人保财险联合可能拉开了AIG众多未来交易的序幕。大举进军亚洲市场将使得AIG有效抵御未来美国本土经济下滑的风险。

    Insurance giant AIG has always enjoyed a special relationship with AIA, its former Asian subsidiary. After all, AIG was founded in Shanghai in 1919 by C.V. Starr, an adventurous Californian who pioneered life insurance in Asia. AIG (AIG) left China in 1950, one year after Mao's communist takeover, but AIA remained something of a crown jewel, with real estate holdings in some of Asia's toniest districts.

    More recently, the Asian insurer has been AIG's savior: Amid the 2008 financial meltdown, the U.S. Federal Reserve Bank provided AIG with a huge credit facility in exchange for warrants in the company. To help repay the Fed, AIG sold most of its stake in AIA.

    Today, a reinvigorated AIG -- the U.S. government sold off its entire stake at a profit -- may be looking to compete with its old sibling. In late November, AIG announced an agreement with People's Insurance Co. of China, a state-owned insurer, to invest roughly $500 million in PICC's December public offering in Hong Kong, which raised $3.1 billion.

    As part of the deal, the two companies are expected to form a joint venture to sell life insurance in China -- AIA's old turf.

    It won't exactly be a head-to-head contest: AIA now controls just 1% of the Chinese life insurance market, according to Credit Suisse. China Life and Ping An together boast nearly 50% market share. By joining forces with PICC, the country's fifth-largest life insurer, AIG will have a headstart, though AIA is a leading player in much of Southeast Asia. (Credit Suisse expects AIA to generate 2012 net profits of $2.65 billion, up 66% from a year earlier, thanks to a growing middle class in this market.)

    Some analysts speculate that AIG's deal with PICC is just the first of many. A big move into Asia could provide AIG with, well, insurance against the next downturn stateside.