HONG KONG--(BUSINESS WIRE)--American International Group, Inc. (AIG) today announced it will accelerate steps to position American International Assurance Company, Ltd. (AIA Group) as an independent entity and seek a public listing on an Asian stock exchange for the AIA Group, depending on market conditions and subject to regulatory approval. This public listing of the AIA Group is a significant step in the process that was announced by AIG on March 2 and will result in a board of directors and management team for the AIA Group separate from AIG.

“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 U.S. taxpayers, policyholders, employees and distribution partners,” said Edward Liddy, Chairman and Chief Executive Officer of AIG.

Mark Wilson, President and Chief Executive Officer of the AIA Group said, “Today’s announcement represents a clear and formal roadmap for our independence. We now have clarity on AIA’s structure and future. AIA is a leading company in Asia with more than 20 million customers, 250,000 agents, assets of more than US$60 billion and a broad network of distribution partners, as well as a deep heritage and strong brand presence in Asia. Our ability to weather the economic turbulence demonstrates the strength of our operations, confidence of our customers, and support of our distribution partners.”

AIG has undertaken a request for proposal (RFP) process to select 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.

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. Subject to regulatory approvals, AIG intends to incorporate the Philam Group of Companies, based in the Philippines, and ALICO Taiwan into the AIA Group.

The AIA Group is a leading life insurance organization in Asia with a unique heritage of serving the world’s most dynamic region for 90 years. It provides consumers and businesses with products and services for life insurance, retirement planning, accident and health insurance as well as wealth management solutions. Through an extensive network of 250,000 agents and 20,000 employees across 13 geographical markets, the AIA Group serves over 20 million customers in the region.

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.