TAIPEI, June 11 (Reuters) - Taiwan’s Nan Shan Life Insurance Co Ltd will buy a portion of the insurance business of American International Group Inc’s (AIG) subsidiary in Taiwan for $158 million, the unlisted Taiwanese insurance company said on Thursday.
Nan Shan Life will buy the personal insurance and small and medium-sized enterprise insurance businesses from AIG’s unit in Taiwan under a plan approved by Nan Shan Life’s board, the company said in a statement.
AIG’s Taiwan subsidiary will retain the large enterprise insurance business, it said.
Nan Shan Life was once part of AIG but was sold off in 2011 to a Taiwanese conglomerate as part of plans to help the U.S. financial institution pay back the U.S. government for a bailout.
AIG’s Taiwan subsidiary was not immediately available to comment. (Reporting by Emily Chan; Editing by Christopher Cushing)