AIA Group to Seek a Public Listing in Asia
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.
AIG
News Media:
Christina Pretto, 212-770-7083
David Monfried, 212-770-7205
or
Investment Community:
Teri Watson, 212-770-7074
Copyright Business Wire 2009
