Demand for AIA stock has led to the insurer closing the books on its float in the middle of last week, just a few days after the float opened.

It is expected AIA will raise up to $US20 billion ($20.3 billion) from its float by the time it lists on Thursday.

Because the retail component of the float was over-subscribed and there was strong demand from institutional investors, the insurers’ parent AIG could be left with about 30% of the company.

According to AIA’s offer document obtained by insuranceNEWS.com.au, up to 8.08 billion shares have been offered at a price of $US1 ($1.01) a share.

AIA CEO Mark Tucker says the insurer will become the only independent listed life insurance group exclusively focused on the growing Asian market.

Launching the offer last week, he said AIA has “a very large geographic footprint covering 15 markets, a very well-recognised and strong brand as well as leadership positions in six of these markets”.

“AIA has delivered profitable growth even through the turbulence of the past 24 months. 

“We are financially robust, with a very strong balance sheet and solvency position, which will enable us to continue to grow in the future.”

Mr Tucker says the aim of the company is to become “the pre-eminent life insurance provider in the Asia-Pacific region”. 

“We believe that no company is better placed than AIA in terms of customers, distribution, products, geography, scale and financial strength to exploit the pan-Asian growth opportunity.”