Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Leading human rights activist shot in Burundi's capital

Read more

MEDIAWATCH

Migrant Crisis: The Blame Game

Read more

THE DEBATE

Kerry Middle East Tour

Read more

BUSINESS DAILY

Greek shares plunge as trading resumes in Athens

Read more

IN THE PAPERS

'Gulf countries need proof and guarantees'

Read more

IN THE PAPERS

'The deadly French-English border'

Read more

EYE ON AFRICA

Experimental Ebola vaccine could stop virus in West Africa

Read more

MEDIAWATCH

#CecilTheLion : Hunter Becomes The Hunted

Read more

THE WORLD THIS WEEK

Erdogan’s gamble: Turkey launches offensives on PKK and Islamic State Group (part 2)

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)