AIG subsidiary AIA has denied its Australian operation is for sale, although the Hong Kong-based insurer continues to move towards an Asian float.

There has been speculation National Australia Bank would look at buying the Australian life insurance business, which is based in Melbourne, after the competition regulator last week knocked it back from buying Axa’s Australian business.

AIA Group CEO Mark Tucker says the Australian business is an important part of the company.

“I wish to make a clear statement to the Australian market and our valued partners, advisers and customers that AIA Australia is not for sale,” he said.

“AIA Australia has built a solid market position, has a sound strategy and continues to make a significant contribution to the overall AIA Group.”

Mr Tucker says the company has invested strongly in positioning the Australia business as an independent risk specialist. “We have a strong commitment to the life risk community in Australia.

“Our Australian business has my full support and I firmly believe they will realise their full potential in this market.”

Meanwhile AIA has lodged documents with the Hong Kong Stock Exchange detailing its plans for a listing.

At this stage the documents are confidential, but a number of leading investment banks, including Deutsche, Citigroup and Morgan Stanley are working on the float.

Earlier this year UK insurer Prudential failed to buy the Asian business for $US3.5 billion ($3.79 billion).

It is expected AIA will list on the Hong Kong Exchange as early as November.