AIG hastens Asian business spin-off
American International Group (AIG) is proposing to spin-off American International Assurance (AIA), its Asian life insurance business, earlier than expected.
The group, which is now majority owned by the US taxpayer, says it will seek a listing for the unit on an Asian stock exchange, having considered this to be in the best interests of all stakeholders, policyholders, employees and distribution partners.
Blackstone Group, which is advising AIG on its restructuring programme will act as adviser for the listing and initial public offering, which according to a Reuters report, could raise at least $4 billion.
AIA has continued to expand, despite the near collapse of its parent company.
The business operates through a network of 250,000 agents and 20,000 employees across 13 geographical markets and as such is regarded as the “jewel in the crown” of AIG.
It serves over 20 million customers providing life insurance, retirement planning, accident and health insurance as well as wealth management solutions.
Category: Companies News, Insurance News
Visited 1127 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.