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Dublin: 01.08.2010 04:15 AM
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Leadership

AIG to sell overseas business to Metlife for US$15.5bn

08.03.2010
US insurance giant AIG is selling its overseas life insurance business American Life Insurance Company (ALICO) to rival Metlife for US$15.5bn in equity securities and cash.

AIG said the cash it nets from the deal, estimated at around US$6.8bn, will be put towards the repayment of monies it owes to the US Government. Both AIG and Metlife expect the deal to close before the end of this year.

The sale of ALICO comes one week after AIG announced it was selling its Asian insurance business AIA to UK insurer Prudential in a deal worth US$35.5bn.

 “This sale is an important step toward repaying the government,” said AIG Chairman Harvey Golub.

“With this sale of ALICO, along with the sale of AIA to Prudential plc announced last week, we are on track to generate approximately US$50.7bn from these two transactions alone, consisting of approximately US$31.5bn in cash to repay the FRBNY, plus another approximately US$19.2bn in securities that we will sell over time to repay the government,” he added.

AIG is currently almost 80pc-owned by the US taxpayer.

 

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