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AIG gets bids from MetLife, Axa for life unit: report

U.S. insurer American International Group (AIG) office building is pictured in Tokyo in this December 24, 2008 file photo. The insurer received bids from MetLife Inc and Axa SA for its American Life Insurance Co unit, Bloomberg reported on Tuesday, citing people familiar with the situation. REUTERS/Yuriko Nakao

(Reuters) - American International Group Inc received bids from MetLife Inc and Axa SA for its American Life Insurance Co unit, Bloomberg reported on Tuesday, citing people familiar with the situation.

MetLife made a preliminary offer of $11.2 billion for the life insurer, a price that may drop to about $8 billion because of a deterioration in the unit’s financial condition, the people told the agency.

A rival bid from Axa excludes operations in Japan, the unit’s biggest market, the people told the agency.

Axa declined to comment on the report, while AIG and MetLife could not be immediately reached for comment by Reuters.

AIG, rescued twice last year by the U.S. government, is asking for more aid and bracing for a fourth-quarter loss of roughly $60 billion, a source familiar with the matter told Reuters on Monday.

Reporting by Ajay Kamalakaran in Bangalore; Editing by David Holmes

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