AIG plans unit spinoff
Associated Press
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May 19, 2009
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NEW YORK - Insurer American International Group Inc. said late Sunday it plans to spin off its Asian life insurance unit in an initial public offering to help repay billions of dollars in US government loans.
Shares of American International Assurance Co., known as AIA Group, will be traded on an Asian exchange, though no information was provided about which exchange or the size of the offering. Those details will be based on market conditions and regulatory approval, the company said in a statement.
AIA Group has more than 20 million customers and $60 billion in assets.
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