ICAN International Group (AIG)?filed an application yesterday with the Hong Kong Stock Exchange to list its Asian life insurance unit, AIA Group.
The application brings bailed-out AIG a step closer to AIA’s initial public offering (IPO), which is expected to raise about $15bn (£9.7bn).
The move is also a key part of AIG’s restructuring.
The Hong Kong Exchange will review the application, also known as the A1 filing, in the coming weeks.
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.
The AIA IPO, whose debut is expected by November, comes after AIG tried to unsuccessfully sell the business earlier this year to Prudential for $35.5bn.
Citigroup, Goldman Sachs Group, Morgan Stanley, Deutsche Bank are the global coordinators for the AIA IPO. The filing also contained a valuation range for AIA, which sources said was very wide and only so that the bourse can assess potential listing fees.