AIG is selling assets to help repay $83 billion of loans from the federal government
American International Group (AIG) has resumed discussions to sell its American Life Insurance unit to MetLife, in a transaction that could raise more than $15 billion for the insurer – reported in Financial Times.
AIG is selling assets to help repay $83 billion of loans from the federal government, which has a nearly 80% stake in the New York-based company.
AIG, after receiving its latest federal bailout in March, halted sales talks for Alico with bidders including France’s Axa SA, UK’s Prudential and the state investment fund China Investment Corporation. None of these entities is now interested.
Last month, AIG planned to partially spin off Alico into a new unit, partially owned by the Federal Reserve Bank of New York.