HONG KONG (Bloomberg)—AIA Group Ltd., the main Asia unit of American International Group Inc., submitted preliminary documents to the Hong Kong Stock Exchange for an initial public offering, according to two people familiar with the filing.

The filing Thursday means New York-based AIG is probably aiming for late October or early November for the IPO, said one of the people, who declined to be identified because the information isn't public. Patricia Chua, a Hong Kong-based spokeswoman for AIA, declined to comment, as did AIG's Christina Pretto.

AIG in July hired Mark Tucker, former CEO of Prudential P.L.C., to lead AIA as the unit prepares for an IPO. AIG CEO Robert Benmosche, who is divesting units to help repay a $182.3 billion bailout from the Treasury Department and Federal Reserve, struck a deal in March to sell American Life Insurance Co. to MetLife Inc. for about $15.5 billion.

“Once we have succeeded in monetizing both ALICO and AIA, we believe we will be well within striking distance of completing our repayment of the Fed,” Mr. Benmosche said last month. The IPO will be “as soon as practical, subject of course to regulatory approvals and market conditions,” he said.

The offering would come after concern that the global economic recovery is deteriorating sent the MSCI World Index of stocks in 24 developed nations down 10% from its 2010 high in April. At least 86 companies worldwide have postponed or withdrawn IPOs this year, data compiled by Bloomberg show.

China, India

AIG turned to a share sale after Prudential backed out of a deal to buy AIA for $35.5 billion. Deutsche Bank A.G., Goldman Sachs Group Inc. and Morgan Stanley are among banks arranging the IPO, people with knowledge of the plan have said. The filing was reported earlier Thursday by Caixin Online.

AIA has more than 23 million customers and offices in at least 15 countries including China, India and Australia. The unit had about $1.44 billion in operating profit in 2009, down from $1.59 billion in 2008, Prudential said in a March filing.

Mr. Tucker told staff at a town-hall style meeting in July that he plans to triple the unit’s value to about $100 billion and that leading AIA will be his last job.

AIG has struck more than 30 deals since its 2008 rescue to sell assets including a consumer-finance unit, a Canadian mortgage guarantor and a reinsurer. The planned $2.15 billion sale of its Taiwan life insurance unit was blocked by local regulators this week.

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