AIG To Report $1.4 Billion Loss Net Of Tax On Nan Shan Sale
October 15 2009 - 10:35AM
Dow Jones News
American International Group Inc.'s (AIG) $2.15 billion sale of
its Taiwan life insurance unit will result in a loss of around $1.4
billion net of taxes that the company will report in the fourth
quarter, AIG said Thursday.
Earlier this week, AIG announced the sale of its 97.6% stake in
Nan Shan Life Insurance Co. to a consortium consisting of Primus
Financial Holdings Ltd., the Hong Kong-based financial services
firm, and China Strategic Holdings Ltd., the Hong Kong Stock
Exchange-listed investment company.
It is AIG's biggest asset sale yet in its effort to pay off its
government bailout.
Nan Shan is the largest life insurer in Taiwan by total book
value and the third largest by premiums.
Shares of AIG recently traded up 2% to $45.30.
-By Lavonne Kuykendall, Dow Jones Newswires; (312) 750 4141;
lavonne.kuykendall@dowjones.com