The insurance company, now 80% owned by the US government after receiving $182.5 billion in loans, is all set to spinoff Alico and AIA Group
American International Group (AIG) is pacing up its plans to sell its American Life Insurance unit as an independent public company – reported in The Washington Post.
The insurance company, now 80% owned by the US government after receiving $182.5 billion in loans, stated that it would spinoff Alico and a second unit, American International Assurance (AIA Group).
The US was given a $25 billion preferred stake in the two units in June. While planning to spin off Alico, AIG has also been in discussions with MetLife over the possible sale of all or part of the unit.
David Monfried, spokesman of AIG, said: “AIG is simultaneously moving forward with plans for an initial public offering for Alico. We are determined to pursue an IPO path for this company to get it out from under the AIG brand as quickly as we can. AIG will be naming a board for the company and taking other necessary steps to move Alico toward independence.”