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As its first step, AIG will sell its non-AIA Asia businesses, including the unsatisfactory ones in Japan and the Philippines. Next, the US insurer will integrate AIA Hong Kong with AIA Bermuda, two arms of AIA, and sell a minority stake in the newborn firm to strategic investors. On top of that, AIG will list the new firm on the Stock Exchange of Hong Kong (SEHK), according to a scheme unveiled by AIG recently.
Notably, China Life Insurance Company Limited (NYSE: LFC, SEHK: 2628, SHSE: 601628, and China Life), the country's biggest life insurer, intended to take over the AIG Asia assets, said an executive for China Life in late November.
AIA China gained CNY 6 billion premium revenue in the first 10 months of 2008.
Source: www.hexun.com (December 25, 2008)
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