Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

President Trump pulls US out of TPP trade deal

Read more

IN THE PAPERS

'Donald Trump is rolling back the clock on diversity in the cabinet'

Read more

IN THE PAPERS

Did France's left inflate turnout figures in round one of the primary?

Read more

ACROSS AFRICA

Dozens killed in attack on military camp in Mali

Read more

THE DEBATE

Splintered left: French Socialists divided ahead of primary run-off (part 1)

Read more

THE DEBATE

Splintered left: Are Europe's Social Democrats obsolete? (part 2)

Read more

EYE ON AFRICA

Gambia: New president says Jammeh has agreed to cede power

Read more

ACROSS AFRICA

France finally grants citizenship to Senegalese veterans

Read more

THE OBSERVERS

Pollution threatens island paradise of Mauritius, and one Cameroonian expat's quest to bring safe drinking water to his country

Read more

Business

AIG to sell Taiwan life insurer for 2.2 billion dollars

Text by News Wires

Latest update : 2009-10-13

American International Group, AIG, is set to sell its Taiwan unit, Nan Shan Life, the island's second-largest life insurer, to Hong Kong-based Primus Financial Holdings for 2.15 billion US dollars.

AFP -  American International Group said Tuesday it will sell its Taiwan unit to Hong Kong-based Primus Financial Holdings for 2.15 billion US dollars.
 

Primus beat several rivals for Nan Shan Life, the island's second-largest life insurer, including Taiwan's Chinatrust Financial Holding.

 
Analysts pointed out the cost is only about 70 percent of Nan Shan's net value, which totalled 99.6 billion Taiwan dollars (3.1 billion US dollars) in May.

 
"It's definitely a good bargain," said Mars Hsu, a Taipei-based analyst with Grand Cathay Securities.

 
Primus Financial will keep the Nan Shan management team and has also promised not to change its brand or the existing compensation and benefits packages, AIG said in a statement.

 
"We aim to develop Nan Shan into a leading Taiwan-based, pan-Asian financial services company," Primus Chairman Robert Morse said, according to Dow Jones Newswires.

 
"Nan Shan's management team, agents, and employees are an integral part of this vision."
 

Date created : 2009-10-13

COMMENT(S)