Just over a year ago, AIG said it would sell three of its Japanese life insurance businesses in an effort to help pay down an $85 billion government loan. However, reports surface that the company has decided not to sell two of its Japan units, AIG Star Life Insurance Co. and AIG Edison Life Insurance Co.
The Wall Street Journal (WSJ) reports that the sale of Star and had been dogged by delays since the announcement of sale plans. Bankers say potential buyers have had difficulties raising funds, while the uncertainty has contributed to a drop in policy sales. Star's sales fell 10% in the fiscal year ended March, and Edison's dropped nearly 14%.
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