By Market News Video Staff, Wednesday, January 12, 12:34 PM ET
American International Group (NYSE:AIG) is continuing its course of selling off assets to payback to $180 billion it received in government bailout funds in 2008.
AIG said today it has agreed to sell its 97.57% stake in Nan Shan Life Insurance Company to Ruen Chen Investment Holding, for $2.16 billion in cash. Nan Shan is the largest life insurer in Taiwan by book value.
Ruen Chen is 80% owned by Taiwan-based conglomerate Ruentex Group, and 20% owned by footwear manufacturer Pou Chen, which lists its stock on the Taiwan exchange.
AIG noted that the acquiring companies have excellent reputations in Taiwan, with strong operations and funding capabilities, and said Ruen Chen is willing to invest in Nan Shen’s future.
The purchase agreement included commitments to maintain existing compensation and benefits for employees.
The transaction is subject to regulatory approval.
Other recent moves towards paying back the bailout funds have included an initial public offering of its AIA unit, and the sale of its Alico business to MetLife (NYSE:MET).
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