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AIG to sell operations in Philippines and Thailand

Underperforming insurer American International Group has reportedly said that it has received offers for its Philippine insurance businesses. The company also plans to sell its Thai consumer finance operations.

According to media reports, the Philippine unit of American International Group (AIG) has received offers from nearly 10 local and foreign buyers to acquire the Philippine American Life and General Insurance (Philamlife).

AIG is also planning to focus on its core insurance business and sell the remaining business to repay the $85 billion rescue loan provided by the US government.

Jose Cuisia, CEO of Philamlife, said: I would say these are very respectable groups, also successful groups, which is why it is very encouraging for us.