China Investment Corp and Ping An are among the big institutional investors from the mainland who are pursuing substantial stakes in AIA, the Asian businesses of AIG, in this month’s share sale of up to $20bn, according to people working on the deal.

China Life, the world’s biggest life assurer by assets, and Taikang, another Chinese life company, are also lining up for stakes in the initial public offering along with most other significant regional life insurers, including the Asian arm of Prudential of the UK, according to one person involved.

The interest of mainland investors like CIC, which wants a stake of about $250m, according to a person close to the issue, shows how Chinese investors have come full circle after shunning the company initially.