AIG's tentative sales of non-U.S. insurance company may help efforts to repay bailout

American International Group Inc. may soon sell an insurance division in efforts to repay the $182.3 billion government bailout.
AIG's American Life Insurance Co. may be sole for $15 billion, based on a vote by the board of directors, according to two sources. The sources asked for anonymity since the vote was private.
Alico operates in 50 countries, including some in Latin America.
"Alico is a global leader in life insurance, with operations in 54 countries serving 19 million customers," said Chief Executive Officer Robert Benmosche said in a Feb. 26 letter to shareholders.
In addition to the agreement to sell Alico, AIG has secured almost $47 billion in sales.

Source: BusinessWeek


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