Stricken US insurance giantAIG is about to announce a plan to dismember itself by giving control of its two largest divisions to the US government in exchange for a $30 billion-plus lifeline, according to the Financial Times.

This is the third time in five months AIG has been bailed out by the authorities, the FT points out. The firm has already sold off its Swiss-based private bank.

At the end of the restructuring, the paper says, AIG will remain as a holding company but its main task would be to sell off or list businesses such as its US personal lines insurer, an aircraft leasing company and its global general insurance unit, and could eventually be wound down.