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July 16, 2009 at 08:00 PM
American International Group Inc. says it will step up efforts to spin off its American Life Insurance Company unit as an independent entity.
The announcement comes amid speculation that AIG, New York, maybe trying to sell ALICO to MetLife Inc., New York.
AIG says it will seek an initial public offering and public stock listing for ALICO, which sells life insurance and other products in international markets.
AIG originally announced it was preparing the subsidiary to become independent March 2, in connection with an agreement with the U.S. Department of the Treasury and the Federal Reserve System to improve AIG’s capital position and protect the value of its key businesses.
“We continue to consider all strategic options through a robust, structured and disciplined process,” AIG Chairman Edward Liddy says in a statement. “At this stage, we expect that a public offering for ALICO will be beneficial to all stakeholders, including U.S. taxpayers, policyholders, employees, and distribution partners.”
