For AIA, it's back to square one, with an initial public offering seemingly in the cards. Before that happens, this "jewel" in AIG's crown will need some polishing.

The end of Prudential's $35.5bn (€28.9bn) bid has shone a light on AIA's business and prospects that hasn't always been favorable. Some of AIA's management and staff might be relieved to avoid an integration with Prudential, but they now need to turn their attention back onto making their business attractive to potential IPO investors.