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AIG Selling a Second Overseas Unit
The New York Times and Wall Street Journal are reporting that AIG and MetLife will announce today that AIG is selling a major insurance unit to the United States' number one life insurer.
The price reported for American Life Insurance Co., or Alico, is $15.8 billion -- $6.8 billion in cash and $8.7 billion in MetLife equity. Alico is AIG's second-largest overseas insurer.
This morning's announcement, if all goes as expected, marks the second sale of an AIG overseas unit in a week. Last week, AIG agreed to sell its American International Assurance unit to Prudential, a British company, for $35.5 billion.
The deals will bring in roughly $51 billion to help pay the government back the more than $100 billion it poured into AIG during the credit crisis.
Kent Bernhard Jr. is News Editor of Portfolio.com
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