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AIG Completes Sale of Japan-Based Life Insurance Subsidiaries

Source: AIG

Posted on 01 Feb 2011

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American International Group, Inc. (AIG) today announced that it has closed the sale of its Japan-based life insurance subsidiaries, AIG Star Life Insurance Co., Ltd. ("AIG Star") and AIG Edison Life Insurance Company ("AIG Edison"), to Prudential Financial, Inc. for a total purchase price of $4.8 billion, comprising $4.2 billion in cash and $0.6 billion in the assumption of third-party debt.

AIG will retain and continue to grow its remaining insurance businesses in Japan.

About American International Group, Inc.

American International Group, Inc. (AIG) is a leading international insurance organization with operations in more than 130 countries and jurisdictions.

AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.