AIG to Spin Off Asian Life Unit

American International Group (AIG Quote) plans to spin off its Asian life insurance unit, American International Assurance, and seek a public listing on an Asian stock exchange for the group.

"We continue to consider all strategic options through a robust, structured and disciplined process. At this stage, we believe that a public listing for AIA would be in the best interests of all stakeholders, including U.S. taxpayers, policyholders, employees and distribution partners," said Edward Liddy, chairman and CEO, in a statement late Sunday.

AIG said the unit has more than 20 million customers in Asia, 250,000 agents and assets of more than $60 billion.

The insurer has hired Blackstone Group to advise it on the initial public offering of the Asian unit.

No timetable for the IPO was disclosed. AIG said the offering will depend on market conditions and be subject to regulatory approval.

AIG has been trying to sell many of its foreign assets to help it repay the $182.5 billion in financial support it has received from the government since September.