AIG may list Asian unit in Hong Kong
The U.S. insurance giant American International Group Inc (AIG) will list its major Asia-Pacific unit, American International Assurance Co Ltd (AIA) in Hong Kong after restructuring, according to a report by a Hong Kong newspaper Ming Pao Daily.
As part of a group restructuring, AIG has been looking for buyers to sell assets after the company almost collapse in September, and the company planned to sell off its non-AIA business in Asia, including Japan, Taiwan and the Philippines, as they did not perform well in profits-gaining.
Then AIG will merge AIA Hong Kong and AIA Bermuda, two units of AIA. And it will sell up to 49% stakes to strategic investors, the newspaper said. After that, the new merger company will be listed in Hong Kong.
China Life Insurance Co<601628><2628>, the country’s largest life insurance company, is reportedly interested in buying AIA’s assets. And there are also other potential buyers showed their interests in buying the assets.
Tags: China-Life, Insurance