Chinese firms in fray for AIG Asia assets

Chinese companies are holding discussions with the beleaguered US insurance giant American International Group (AIG) for buying its Asian assets, the insurance regulator said yesterday.

Li Kemu, vice-chairman of China Insurance Regulatory Commission, said AIG executives visited the country several times, scouting for buyers for its Asian subsidiary, American International Assurance Co (AIA).

"Chinese firms' potential bids would be solely a corporate decision," said Li. "As a regulator, we care more about risks. We found that AIA's business in China was stable."