AIG To Sell Taiwan Nan Shan To Primus Consortium For US$2.15 Billion
October 12 2009 - 11:06PM
Dow Jones News
American International Group Inc. (AIG) will sell its life
insurance unit in Taiwan to a consortium led by Hong Kong-based
investment company Primus Financial Holdings Ltd. for US$2.15
billion, Primus said in a statement Tuesday.
"We aim to develop Nan Shan into a leading Taiwan-based,
pan-Asian financial services company, and Nan Shan's management
team, agents, and employees are an integral part of this vision,"
Primus Chairman Robert Morse, a former Citigroup investment banker,
said.
Based on Nan Shan Life Insurance Co.'s Web site, the company,
founded in 1963, had NT$1.54 trillion (US$47.66 billion) worth of
assets and a net worth of NT$99.68 billion (US$3.1 billion) on June
30.
-By Perris Lee Choon Siong, Dow Jones Newswires;
+8862-2502-2557; perris.lee@dowjones.com