Much has been made of new AIG CEO Robert Benmosche's strategy not to simply liquidate assets to repay its nearly $80 million in government loans—a strategy that previous boss Ed Liddy didn't share. But it looks like Benmosche found a deal that suited him, as it was reported late-yesterday that the insurer has agreed to sell its nearly 98% stake in Taiwan unit Nan Shan Life Insurance Co. Ltd. to an investor group led by Hong Kong's Primus Financial for about $2.15 billion, pending regulatory approval.
The Taiwan-based life insurer, which serves more than 4 million policyholders, is the third-largest life insurer in the country by total premiums and operates a network of 24 branches and 450 agency offices.
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