Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

Startled startups flee UK ahead of Brexit

Read more

IN THE PAPERS

What's next for Yemen?

Read more

IN THE PAPERS

French Guiana: 'A powder keg abandoned by the state'

Read more

FRANCE IN FOCUS

French presidential election: Over 40% remain undecided

Read more

EYE ON AFRICA

ICC orders former DR Congo warlord to pay damages to victims

Read more

MEDIAWATCH

Trumpcare falls before first hurdle

Read more

THE WORLD THIS WEEK

Westminster Attack, Abadi in Washington (part 1)

Read more

THE WORLD THIS WEEK

Obamacare, Europe's Unholy Alliances, Martin McGuinness (part 2)

Read more

INSIDE THE AMERICAS

Export bans hit Brazil amid tainted meat scandal

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)