Looming largest in the pipeline is AIA, the Asian arm of American International Group (AIG.N), which plans a Hong Kong IPO in the first half of 2010 to raise roughly $4 billion after its troubled parent failed to find a buyer for the unit.
"There's a lot of pent-up demand for capital, as insurers need to raise capital to fund growth and meet new risk-based capital requirements," said Chin Yee-Png, co-head of the Asia financial institutions group at UBS (UBSN.VX).
UBS is among the investment banks, along with China International Capital Corp (CICC), Credit Suisse (CSGN.VX) and Goldman Sachs (GS.N), helping China Pacific, the country's No.3 life insurer, to revive an overseas share sale that had been shelved earlier due to weak markets.
Asia is home to just a handful of big listed insurers, led by China Life Insurance (2628.HK)(LFC.N)(601628.SS) and rival Ping An Insurance (2318.HK)(601318.SS), the world's two most valuable life insurers, and Taiwan's Cathay Financial Holdings (2882.TW).
Tong Yang Life Insurance Co Ltd is on track to be the first to test public appetite for the sector in South Korea, with plans to raise up to 440 billion won ($353 million) in an IPO this month. Credit Suisse and Morgan Stanley (MS.N) are among several firms managing the deal.
India's first foreign-backed joint ventures -- between ICICI Bank (ICBK.BO) and Prudential Plc (PRU.L), Max India (MAXI.BO) and New York Life, and Housing Development Finance Corp (HDFC.BO) and Standard Life (SL.L) -- all will have their 10th birthdays next year and are said by insiders to be eyeing IPOs.
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