AIG nabs Pru man to lead float of AIA business
AIG has resorted to its earlier plan and now intends to sell its pan-Asian life subsidiary, American International Assurance (AIA), which includes the New Zealand business through an IPO.
Monday, July 19th 2010, 9:50PM
It says the company will be listed on the Hong Kong stock exchange and the IPO will "proceed as soon as practicable".
The IPO comes after a failed attempt by Prudential to buy the business.
A key change with the new IPO is that AIA's current chief executive, New Zealander Mark Wilson, will not be leading the company.
AIG has named former Prudential executive Mark Tucker as the new executive chairman and chief executive.
Wilson "will work closely with Tucker to support a smooth transition between now and the end of the year," AIG says in a statement.
"At which time Wilson expects to pursue other opportunities."
AIG chief executive Robert H. Benmosche says: "After reviewing various options to monetise AIA's substantial value, we have concluded that an IPO is our best option."
"Mark Tucker has the public company experience, track record, relationships, judgment, and leadership qualities that will help us accomplish our ambitious goals of not just taking a company of AIA's size and scope public, but building on this great platform for the long term to create Asia's pre-eminent, publicly traded insurance company. "
Tucker was chief executive of Prudential Corporation Asia from 1992 to 2003. In this role, he developed and led the strategy that propelled Prudential's rapid growth across Asia and established a strong regional presence.
He was group chief executive of Prudential from May 2005 to September 2009.
Tucker says "we are living today in the ‘Asian Century' with Asia likely to drive global growth for many years ahead." He says AIA has a long history in Asia and is "a powerful platform to build on and capture the substantial opportunities to expand in this exciting region."
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