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Prudential Financial Close to Purchasing Two AIG Japanese Life Companies

Source: WSJ

Posted on 22 Sep 2010

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According to people familiar with the matter, Prudential Financial Inc. is nearing a deal to buy two Japanese life insurance companies from American International Group Inc., for a combined $4 billion to $5 billion.

A deal would help AIG in its quest to repay taxpayers, owed more than $90 billion from a government bailout. As for Prudential, analysts have long considered the big U.S. insurer a logical buyer of the two outfits, known as AIG Star Life Insurance Co. and AIG Edison Life Insurance Co.

Newark, N.J.-based Prudential, not related to the U.K.'s Prudential PLC, has significant operations in Japan, and it has publicly stated its interest in expanding there.

A pact is believed to be a few days away from completion, the people said. They added that discussions are fluid and last-minute snags could derail any deal.