WASHINGTON — American International Group Inc. says it will speed up efforts to spin off its Asian life insurance operations.
AIG, New York, has been serving Asia for 90 years.
The unit to be spun off, AIA Group, Hong Kong, will have its own board and management team, AIG says.
AIG has hired the Blackstone Group L.P., New York, the global financial advisor for the AIG restructuring program, to be the advisor for the AIA offering.
AIA sells life insurance, retirement planning services, accident and health insurance, and wealth management products.