AIA gets OK to list stock

 
Marion Dakers
BAILED-OUT insurer AIG has won permission to list shares in its Asian life insurance unit AIA on the Hong Kong stock exchange.

AIG is thought to be aiming to start trading shares on 29 October, with a view to raising up to $15bn (£9.6bn).

AIG, which is nearly 80 per cent owned by the US government, is disposing of assets to repay taxpayers who committed $182.3bn to prop up the insurer during the financial crisis.

President and chief executive Robert Benmosche said last month when the firm paid back $4bn of US loans: “AIG is getting stronger every day. We still have more work to do, but we will finish the job and make sure we repay the American taxpayers.”

AIG declined to comment on the share listing, while AIA, which is based in Hong Kong, was not available for comment yesterday.

The initial public offering (IPO) comes after AIG tried and failed to sell the business earlier this year to Prudential for $35.5bn.