NEW YORK--Oct. 12, 2009--
American International Group, Inc. (AIG) today announced an agreement to
sell its 97.57% share of Nan Shan Life Insurance Company, Ltd. (Nan
Shan) to a consortium comprising Primus Financial Holdings Limited, the
Hong Kong-based financial services firm, and China Strategic Holdings
Limited, the Hong Kong Stock Exchange-listed investment company, for
approximately US$2.15 billion.
“We are pleased to have found a buyer who shares our confidence in Nan
Shan’s bright future, and who has pledged to continue Nan Shan’s
commitment to its policyholders, agents, and employees, as well as to
the people of Taiwan,” said Robert Benmosche, AIG Chief Executive
In acquiring Nan Shan, the Primus Financial consortium has agreed to
maintain the Nan Shan brand, the existing compensation and benefits
package for employees and the existing agency organizational and
commission structure for a minimum of two years following the closing of
the transaction. The current Nan Shan management team will remain in
Established in 1963, Nan Shan is the largest life insurer in Taiwan by
total book value and the third largest by total premiums, serving four
million policyholders via an extensive network of 24 branches, 450
agency offices, approximately 4,000 employees, and more than 34,000
Blackstone Advisory Partners and Morgan Stanley acted as financial
advisors and Debevoise & Plimpton LLP and Lee & Li, Attorneys-At-Law
served as legal advisors to AIG on this transaction.
The transaction is subject to the satisfaction of certain conditions,
including receipt of regulatory approval.
About American International Group, Inc.
American International Group, Inc. (AIG), a world leader in insurance
and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG’s common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
Source: American International Group, Inc.
Christina Pretto (AIG News Media)
Watson (AIG Investment Community)
Lin (in Taiwan)