AIG says it is not on the market after a news outlet reported Chubb had made an informal takeover approach.

“Our companies are in regular contact in the ordinary course of business, but we want to reiterate that AIG is not for sale,” a spokesperson told insuranceNEWS.com.au.

US publication Insurance Insider reported last week that Chubb had made its approach during the past month.

Chubb reportedly says it “emphatically denies that any offer was made”.

A recent Chubb investor presentation stated the company has a strong balance sheet and reserves. “We prefer to retain capital to support our insurance businesses and invested asset growth while we also return capital,” the insurer said.

The presentation also highlighted a successful acquisition track record, totalling $US47 billion ($70.6 billion) in the past 18 years, making it the “most acquisitive insurer globally”.

A slide showing the relative size of global property and casualty insurers placed Chubb in seventh position with revenue last year of $US56 billion ($84 billion); AIG ranked 11th with $US27 billion ($40.6 billion).

Based on income, Chubb was second with $US9.1 billion ($13.6 billion), behind Allianz. AIG was 11th with $US3.3 billion ($5 billion).