AIA Group to Seek a Public Listing in Asia
HONG KONG--May. 17, 2009--
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.
Source: American International Group, Inc.
Christina Pretto, 212-770-7083