Battered insurer American International Group, which has received billions of dollars from the US government is looking to sell stocks of its subsidiary American International Assurance Company on an Asian bourse.
The AIA Group, which is a leading life insurance player in the Asian region, has a significant presence in India.
AIG on Monday said it would accelerate steps to make AIA, an independent entity and also seek an Initial Public Offering on an Asian stock Exchange for the company.
The planned listing would depend on market conditions and regulatory approval.
"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 oficer Edward Liddy said.
The BlackStone Group which is the global advisor for AIG's restructuring programme, would be advising the company for the IPO process of AIA Group.
Rattled by the financial turmoil, the US government has pumped more than $180 billion into AIG. The insurer is also selling its assets worldwide to raise money.
"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," the statement noted.
Commenting on the latest move, AIA Group's pesident and chief executive officer Mark Wilson said that now there is clarity on the company's structure and future.
"We now have clarity on AIA's structure and future. AIA is a leading company in Asia with more than 20 million customers, 2,50,000 agents, assets of more than $60 billion and a broad network of distribution partners, as well as a deep heritage and strong brand presence in Asia," Wilson added.
AIA has about 20,000 employees and has more than 20 million customers in Asia. The firm offers various products and services for life insurance, retirement planning, accident and health insurance, among others.
Meanwhile, AIG has presence in more than 130 countries and its stocks are listed in the US, Ireland and Tokyo.
