AIG looking to sell all of AIA in Asia Pacific
Giant US based insurer American International Group (AIG) is expected to report one of the biggest losses in history and is revisiting it asset sales programme.
Thursday, February 26th 2009, 8:01PM
The fourth-quarter loss is expected to be around US$60 billion, making it the biggest in corporate history.
It has been attempting to sell assets to repay loans to the United States government totalling US$150 billion. Reports out of the United States suggest that AIG is proposing additional ways to reduce its debt to the US government. These would include handing over stakes in some operations directly to the government.
AIG has announced some sales but has found it hard to find buyers and get a good price for its assets amid the financial crisis.
Credit for deals remains difficult to come by due to the crisis and many would-be buyers of its assets are dealing with their own problems.
Previously AIG was looking to sell a 49% stake in its Hong Kong-based insurance business AIA, but is now pursing a full sale.
AIG Life New Zealand is part of the AIA group and reports into Hong Kong.
Assuming a buyer is found, then AIG Life New Zealand will have a new owner.
Its message to customers and advisers in New Zealand is that although a sale is on it’s business as usual.
AIA operates in 15 countries and territories in the Asia Pacific region and is the third biggest life insurer in the world and the biggest in Asia. It has operating revenue of more than US$2 billion a year and 250,000 agents.
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