NU Online News Service, March 1, 11:52 a.m. EST

American International Group Inc. said it has agreed to sell American International Assurance Group Ltd. to Britain-based Prudential plc for approximately $35.5 billion, its largest asset sale to date as the insurer works to pay back its government debt.

The New York-based insurer said the deal includes approximately $25 billion in cash, $8.5 billion in stock securities and $2 billion of preferred Prudential stock, all subject to closing adjustments.

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