Separation of Far Eastern life insurer steps up a gear
AIG today announced it will accelerate the hiving off of its Asian life insurance business American International Assurance (AIA) and seek a public listing on an Asian stock exchange.
“We continue to consider all strategic options through a robust, structured and disciplined process. At this stage, we believe that a public listing for AIA would be in the best interests of all stakeholders, including US taxpayers, policyholders, employees and distribution partners,” AIG’s chairman and chief executive Ed Liddy said.
AIA Group president and chief executive Mark Wilson said: “Today’s announcement represents a clear and formal roadmap for our independence. We now have clarity on AIA’s structure and future.
“Our ability to weather the economic turbulence demonstrates the strength of our operations, confidence of our customers, and support of our distribution partners.”
The flotation process will be managed by The Blackstone Group, AIG’s global financial advisor for its restructuring program, and IPO Advisor for the AIA Group transaction.
The AIA Group has branch offices, subsidiaries and affiliates located in jurisdictions including Australia, Brunei, China, Hong Kong, India, Indonesia, Macau, Malaysia, New Zealand, Singapore, South Korea, Thailand and Vietnam. Subject to regulatory approvals, AIG intends to incorporate the Philam Group of Companies, based in the Philippines, and ALICO Taiwan into the AIA Group.