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Mar 01 2010  

AIG Close to Two Spinoffs

By FINSwire Team

Time for some big farewell parties at American International Group. AIG is about to bid goodbye to two sizeable business groups.

The bailed-out insurer is poised to sell its Asian life-insurer American International Assurance Ltd. to the U.K. insurer Prudential PLC, according to The Wall Street Journal. In about a week, American International Assurance Ltd. is expected to be sold to MetLife Inc., the paper reported.

The company is also looking to sell some assets of its aircraft-leasing company, International Lease Finance Corp., which has been up for sale. Staying in the AIG family are Chartis, a global property-and-casualty-insurer, and SunAmerica Financial Group, the newly renamed U.S. life-insurance and retirement-services unit.

The proceeds from the AIA and Alico deals are expected to enable the company to repay about half the $97 billion it owes to Uncle Sam. No doubt parting will be some sweet sorrow for these AIG employees.


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