AIG getting its restructuring act together, announces IPO

Less than a day after news reports that AIG's (NYSE:AIG) important attempt to sell its asset management group fell apart, the troubled insurance company said it plans to have an initial public offering of American Life Insurance Company (ALICO), one of its largest operating units.

AIG describes ALICO as "a leading global insurer operating in 54 countries with 19 million customers, over 40,000 agents and distribution partners and assets under management of more than $89 billion." The firm offers a fairly typical array of insurance company products and services -- life insurance, accident and health insurance, retirement planning, and wealth management.