AIG to name ex-Prudential exec as AIA head

NEW YORK (AP) — Insurer American International Group Inc. declined to comment Sunday on a published report indicating it is hiring former Prudential PLC executive Mark Tucker to lead its Asian life insurance business, AIA Group Ltd.

Citing unnamed people familiar with the matter, The Wall Street Journal reported online Sunday that AIG plans to name Tucker as chairman and CEO of AIA, replacing Mark Wilson, who has led the company since May 2009. AIG may make the announcement as early as Monday, the paper said.

AIG has been selling assets to repay a $182.5 billion federal bailout. Britain’s Prudential PLC in March agreed to buy AIA for $35.5 billion, but later wanted to negotiate a lower price after its shareholders balked. In June, Prudential called off the deal. Last week a media report said New York-based AIG is planning to take AIA public this fall and hopes to raise as much as $23 billion.

Tucker is a director of the Bank of England, Britain’s central bank. He is a former group head for Prudential PLC, which is not connected to insurance and investment company Prudential Financial Inc. of New Jersey.

Wilson would remain with AIA through year-end to assist with the transition, the paper said.

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