American International Group, Inc. (AIG) today announced it will accelerate steps to position American Life Insurance Co. (ALICO) as an independent entity and seek an initial public offering and public listing in New York, depending on market conditions and subject to regulatory approval.
Thie company said that this planned public offering of ALICO is a “significant step” in the process that was announced by AIG on March 2 and will result in a board of directors and management team for ALICO separate from AIG.
“We continue to consider all strategic options through a robust, structured and disciplined process. 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,” said Edward Liddy, chairman and CEO of AIG.
ALICO is a global insurer operating in 54 countries with 19 million customers, 40,000 agents and distribution partners and assets under management of more than $89 billion.
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