October 3, 2008 / 9:00 PM / 11 years ago

AIG to sell three Japan insurance businesses: report

NEW YORK (Reuters) - American International Group Inc’s (AIG.N) Japanese unit said it would sell its three local life insurance businesses, Alico Japan, AIG Edison Life Insurance Co and AIG Star Life Insurance Co, according to a report from Nikkei Business News.

The report on Nikkei’s website said that a number of major overseas life insurance companies are believed to be showing interest in acquiring the operations.

It said the price for a sale was expected to top 1 trillion yen combined, and added that even if the three units were sold, their insurance polices were expected to be maintained.

The report said that because Alico Japan is a branch of American Life Insurance Co, many had believed a sale would be difficult so AIG might opt to sell all of American Life. It said AIG was likely to keep its nonlife operations in Japan.

AIG, once the world’s largest insurer, received a federal bailout on September 16 after losses in its financial products unit drove it to the brink of collapse.

Editing by Brad Dorfman

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