AIG, the stricken insurance giant, on Wednesday kicked off the sale of its Asian life assurance unit – one of its most prized assets – in the hope of raising up to $20bn to help repay the $60bn US government loan that is keeping the group alive.
The US insurer sent the sales memorandum for American International Assurance with limited information to a group of selected potential bidders, according to people close to the situation. First-round bids are due towards the end of next month.
