Two life businesses separated ready to be sold
AIG wiped $25bn off the $60bn debt it owes the Federal Reserve Bank of New York (FRBNY) by separating out American Life Insurance Company (ALICO) and American International Assurance (AIA)
The firms went into went special purpose vehicles ready for an initial public offering (IPO or sale.
Bob Benmosche, AIG chief executive officer, said: “Today’s announcement that we have reduced our debt to the Federal Reserve Bank of New York by $25bn sends a clear message to taxpayers: AIG continues to make good on its commitment to pay the American people back.”
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