NEW YORK (
agreed to sell its stake of almost 98% in Taiwan unit
Nan Shan Life
for about $2.15 billion to a group led by Hong Kong firm
Nan Shan is the largest life insurer in Taiwan by total book value and the third largest by total premiums, AIG said in a statement. Established in 1963, Nan Shan serves 4 million policyholders through 24 branches and 450 agency offices.
The Primus consortium, which includes
China Strategic Holdings
, agreed to maintain the Nan Shan brand, and the existing compensation and benefits package for employees for at least two years following the close of the transaction. The current Nan Shan management team will remain in place, AIG said.
The sale of Nan Shan, its largest so far, is part of AIG's plan to shed assets to pay back government loans worth more than $180 billion.
-- Reported by Joseph Woelfel in New York
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