American International Group said it shut the sale of its Taiwanese life insurance business and used the proceeds to repay the government another $2.15 billion, Economic Times reported.
The money went towards paying down the government’s preferred interest in the entity that controls ANG’s one-third stake in Asian insurer AIA Group, which AIG spun off in an initial public offering last year.
AIG’s bailout at one point totaled $182.3 billion. The government’s investment now stands at $51 billion , the 77% of AIG’s common stock held by the U.S Treasury, and the remaining $9.3 billion in preferred interests in the AIA entity.
Meanwhile, AIG has closed the sale of Nan Shan to Ruen Chen Investment Holding for $2.16 billion cash.
With Nan Shan closed, AIG’s last major disposal will be International Lease Finance Corp which buys airplanes and leases them to airlines.
The company is also looking at an IPO for ILFC later this year. The proceeds of the ILFC sale may be used to pay off the remaining treasury interest in the AIA vehicle, would let AIG keep that one-third interest in the company instead of selling it.
American International Group is an international insurance organization serving customers in more than 130 countries. It serves commercial, institutional and individual customers through extensive worldwide property casualty networks of any insurer.
