Insurance and financial services provider American International Group, Inc. said on Sunday that it would accelerate steps to position American International Assurance Company, Ltd. or AIA Group, as a separate entity and seek a public listing for it on an Asian stock exchange.
The AIA Group provides consumers and businesses with products and services for life insurance, retirement planning, accident and health insurance as well as wealth management solutions. The company has a network of 250 thousands agents and 20 thousands employees across 13 geographical markets, and serves over 20 million customers in the Asian region.
The AIA Group has branch offices, subsidiaries and affiliates located in jurisdictions including , , ,
The public listing of the AIA Group, which was announced by AIG on March 2, will result in a separate board of directors and management team for the AIA Group. AIG also intends to incorporate the Philippines-based Philam Group of Companies, and ALICO Taiwan into the AIA Group.
"Today's announcement represents a clear and formal roadmap for our independence. We now have clarity on AIA's structure and future, " said Mark Wilson, president and CEO of AIA Group.
AIG has undertaken a request for proposal process to choose global coordinators and book runners for the initial public offering (IPO). This 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.
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