AIG to accelerate American Life Insurance Co. separation, plans IPO

By Jennifer Chiou

New York, July 15 - American International Group, Inc. announced that it will accelerate steps to position American Life Insurance Co. as an independent company, adding that it will seek an initial public offering and public listing in New York.

The IPO and listing depend on market conditions and are subject to regulatory approval.

The company said that the planned public offering of Alico is a significant step in the process that was announced on March 2 and will result in a board of directors and management team for Alico separate from AIG.

"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," Edward Liddy, chairman and chief executive officer of AIG, said in a news release.

Alico is a global insurer operating in 54 countries with 19 million customers, more than 40,000 agents and distribution partners and assets under management of more than $89 billion.

AIG is a New York financial and insurance services company.

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