NU Online News Service, June 26, 2003, 6:05 p.m. EDT – GE Insurance, Richmond, Va., has agreed to sell GE Edison Life Insurance Company, Tokyo, to American International Group Inc., New York.
GE Insurance, a unit of General Electric Company, Fairfield, Conn., will also sell AIG its U.S. automobile and homeowners insurance businesses.
GE Insurance will get about $2.1 billion from AIG, and it will take $440 million in cash out of the businesses before handing them over to AIG, GE Insurance says.
GE Insurance and AIG hope to complete the deal by Dec. 31.
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AIG already owns two other life insurance companies in Japan, AIG Star Life Insurance Company Ltd. and ALICO Japan.