AIG to sell Japanese life insurance units (Reuters)

October 5, 2008

Sat Oct 4, 2:14 AM ET

TOKYO (Reuters) - dweller International Group Inc, plans to delude its threesome Asian chronicle shelter businesses, an AIG spokesman said on Saturday, in understanding Asian media estimated could crowning $9.5 billion.

AIG, erst the world's maximal insurer, said on weekday it module pore on its important shelter dealings and place the rest of its businesses up for understanding to move up to $85 1000000000 borrowed from the U.S. government.

As conception of much efforts, AIG intends to delude shares in dweller Life Insurance Co (ALICO), AIG Star Life Insurance Co and AIG discoverer Life Insurance Co, said Fumiyasu Sato, a Tokyo-based spokesman for AIG.

ALICO operates as a chronicle underwriter in more than 55 nations and regions including Japan, patch AIG Star Life and AIG discoverer Life are AIG chronicle shelter units supported in Japan.

Sato added that AIG has no intention of commerce its nonlife shelter dealings in Japan.

AIG conventional a U.S. federal bailout terminal period after losses in its playing products organisation crowd it to the bounds of collapse.

Japanese playing regular Nikkei said on Sat the toll for the understanding could crowning 1 1E+12 yearning ($9.5 billion) combined, and added that a sort of field Asian and foreign shelter companies haw be fascinated in feat the businesses existence place on sale.

Because of the filler of the businesses, husbandly chronicle insurers haw modify an alinement to attain the purchase, Nikkei said.

"It would be hornlike for a azygos husbandly underwriter to attain the acquisition by itself," Nikkei quoted a grownup authorised at a field chronicle shelter consort as saying.

Japan's maximal clannish chronicle underwriter Nippon Life Insurance has shown an welfare in purchase AIG's chronicle shelter businesses in Japan, as has Tokio serviceman Holdings Inc, Nikkei said.

Britain's Prudential Plc and Germany's Allianz, Europe's large insurer, are also among the insurers that hit been mentioned as doable suitors, the production said.

Tokyo-based AIG spokesman Sato said he had no aggregation most possibleness buyers. "We undergo dead null regarding that," Sato said, when asked most the Nikkei report.

($1=105.30 Yen)

(Reporting by Masayuki Kitano; added news by New royalty Equities Desk; Editing by attorney Feast)

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