AIA strikes deal with ICBC

AIA has signed a distribution deal with Industrial and Commercial Bank of China, as AIG’s Asian arm bids to seal its position as the leading foreign life assurer in the communist state.

The bancassurance?deal could be announced as early as today. The move comes as AIA presses ahead with plans for a $20bn (£13bn) initial public offering on the Hong Kong stock exchange by November. AIG, which was bailed out by the US government, has returned to its original share sale plans after the $35.5bn deal to sell the unit to the Prudential fell through this year.