AIG plans to spin off Asian life insurance unit

American International Group Inc. plans to spin off its Asian life insurance unit in an initial public offering to help repay billions of dollars in U.S. government loans.

Shares of American International Assurance Co., known as AIA Group, will be traded on an Asian exchange, though no information was provided about which exchange or the size of the offering. Those details will be based on market conditions and regulatory approval, the company said late Sunday in a statement.

...Last week, Dow Jones Newswires said AIG was planning to raise between $5 billion to $10 billion through a sale of between one-quarter and one-third of AIA Group...

AP: AIG plans to spin off Asian life insurance unit