Morgan Stanley

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Goldman Sachs

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JPMorgan Chase

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are vying for lucrative roles advising on a more than $5 billion spinoff of


TheStreet Recommends

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Asian life insurance business, according to a published report.

AIG is spinning off

American International Assurance

, its Asian life insurance business, as part of its effort to repay the federal government's $180 billion bailout, according to a

Financial Times

report late Sunday. The sale could reap AIG between $5 billion and $10 billion, the paper reported.


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Bank of America


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Merrill Lynch unit, are out of the running, despite having impressive underwriting credentials in the Asia Pacific region, the report states, citing unidentified sources.