AIG To Report $1.4 Billion Loss Net Of Tax On Nan Shan Sale

AIG To Report $1.4 Billion Loss Net Of Tax On Nan Shan Sale


CHICAGO -(Dow Jones)- American International Group Inc.'s (AIG) $2.15 billion sale of its Taiwan life insurance unit will result in a loss of around $1.4 billion net of taxes that the company will report in the fourth quarter, AIG said Thursday.

Earlier this week, AIG announced the sale of its 97.6% stake in Nan Shan Life Insurance Co. to a consortium consisting of Primus Financial Holdings Ltd., the Hong Kong-based financial services firm, and China Strategic Holdings Ltd., the Hong Kong Stock Exchange-listed investment company.

It is AIG's biggest asset sale yet in its effort to pay off its government bailout.

Nan Shan is the largest life insurer in Taiwan by total book value and the third largest by premiums.

Shares of AIG recently traded up 2% to $45.30.

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