New Shed-ule: AIG to Speed Up Alico IPO

American International Group(AIG Quote) announced today that it will quicken the pace of its planned spin-off of the American Life Insurance Company through an initial public offering.

It plans to list shares of American Life, also known as Alico, in New York.

In a brief press release, AIG didn't provide any kind of timetable for the IPO and gave the obligatory qualifications: any stock offering would depend on "market conditions" and would be "subject to regulatory approval."

The separation of Alico from AIG has been part of the troubled insurer's plan to raise money and pay back the government.

AIG shares were trading in after-hours action Wednesday at $14.12, down a dime from their regular session close.