AIG plans to use IPO to sell 19.9% stake in life and retirement unit

The AIG logo is seen at its building in New York's financial district

American International Group INC (AIG.N) has decided to use an IPO to sell a 19.9% stake of its life and retirement business, chief executive officer Peter Zaffino said Friday, dashing prospects for potential bidders that had included Athene Holding Ltd (ATH.N).

The life and retirement unit, which sells insurance and annuities, reported $941 million in adjusted pretax income in the first quarter, up 57% from a year ago, AIG said on Thursday. But premiums fell by 53% to $600 million.

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