|AIG Reduces United States Treasury Investment in AIG Subsidiary by Approximately $2 Billion|
NEW YORK, Aug 18, 2011 (BUSINESS WIRE) --
American International Group, Inc. ("AIG") today announced that it has reduced the remaining liquidation preference of preferred interests that the U.S. Department of the Treasury ("Treasury") holds in AIA Aurora LLC ("the AIA SPV") to approximately $9.3 billion by applying the proceeds of approximately $2 billion from the sale of Nan Shan Life Insurance Company, Ltd. ("Nan Shan").
AIG closed the sale of Nan Shan, its Taiwan-based life insurance company, to Ruen Chen Investment Holding Co., Ltd. ("Ruen Chen"), a company owned 80 percent by the Ruentex Group and 20 percent by Pou Chen Corporation, for $2.16 billion in cash.
"We continue to make progress in helping the Treasury and taxpayers recoup their investment in AIG," said AIG President and Chief Executive Officer Robert H. Benmosche. "We are pleased to have completed the sale of Nan Shan to Ruen Chen - a great result for American taxpayers, for AIG and for Nan Shan's policyholders, employees and agents."
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG 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.