UK's Prudential Eyes AIG Assets: Report

The U.K. insurer is looking at possible acquisitions of parts of American International Group beyond AIG's Asian operations, a published report says.

Author:: TSC Staff
Publish date:: Oct 24, 2008 1:36 AM EDT

U.K. insurer

Prudential

(PUK) - Get Report

is looking at possible acquisitions of parts of

American International Group

(AIG) - Get Report

beyond AIG's Asian operations, the

Financial Times

reports.

In an interview, Prudential's CEO Mark Tucker told the

Financial Times

the company was "looking right across the board at the assets."

Tucker's comments suggest a broadening of Prudential's interest in AIG as it was thought the company only was interested in the U.S. insurer's Asian assets. The newspaper reports Prudential also may be eyeing parts of AIG's U.S. life business, citing people familiar with the situation.

Meanwhile, AIG reportedly has used $90.3 billion of a U.S. government credit line since it was bailed out last month, an amount greater than the size of the original loan meant to help the insurer stave off bankruptcy.

AIG may need more than the $122.8 billion now available to the company, CEO Edward Liddy said earlier this week. The company agreed to turn over majority control to the U.S. government in September exchange for an $85 billion loan. It received an additional $37.8 billion this month. AIG's latest balance was revealed Thursday by the New York Federal Reserve, and is up from $82.9 billion a week ago,

Bloomberg

reports.