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. ...