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Life Health > Life Insurance

AIG Again Set to Sell Asian Unit: Report

By staff Writer

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American International Group Inc. (AIG) still plans to sell its Asian life insurance company, according to published reports.

An earlier agreement by AIG to sell American International Assurance Company (AIA) to the U.K. insurer, Prudential P.L.C., London, fell through when Prudential balked at meeting terms of its original offer to AIG, New York.

Prudential lowered its bid to $30.4 billion, from $35.5 billion after some of its shareholders balked at the price it had originally offered.

AIG is now seeking approval from regulators in Hong Kong to list AIA for sale, according to a report by Reuters Thomson. AIG hopes to raise about $15 billion from the sale, according to sources cited by Reuters.

AIA has operations in Australia, Brunei, and throughout Asia and Southeast Asia.

AIG needs to sell assets to repay the U.S. government some of the $182.3 billion bailout that rescued it from bankruptcy in 2008.

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