An American International Group spokesman would not comment on news reports that a major Chinese insurer may be interested in purchasing the company's Asian assets.

News reports citing Chinese papers noted that China Life president Wan Feng spoke of the quality of AIG's insurance business in Asia at a recent media briefing. Mr. Feng also said AIG's insurance business needed further observation since the financial condition of AIG may worsen, according to the reports.

Some news reports cite an unnamed China Life manager briefed on the situation as confirming the company's interest in parts of AIG's business, "especially those in areas of Asia such as Hong Kong, Singapore and South Korea."

Other news reports cite China Life executives as saying they have no plan to acquire AIG Asian assets.

And articles, citing Japanese business daily Nikkei, note that a consortium led by China Investment Corp. (CIC) may be in talks to buy up to a 49 percent stake in the AIG American Life Insurance Company (ALICO).

When contacted by NU Online, a spokesman for AIG said the company will not comment on the news reports, or on the progress of asset sales with respect to who may or may not be interested.

AIG announced some smaller transactions recently. The company sold AIG Private Bank Ltd., a Switzerland-based subsidiary, to Abu Dhabi-based Aabar Investments PJSC for $254 million plus $83 million in assumed debt. AIG also sold its 50 percent stake in Tenaska Marketing Ventures, Tenaska Gas Storage and Tenaska Marketing Canada (collectively TMV) back to Tenaska, which owns the other 50 percent of TMV.

The conglomerate has been selling off assets to pay back $150 billion in taxpayer-funded loans and credit the firm obtained after a liquidity crunch brought on by uncounted losses from its financial products unit.

Special Reports /

AIG: No Comment On Possible Interest In Asian Assets

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