Looking to pay down its debt, New York-based American International Group Inc. (AIG) continues to divest business units. Today, AIG announced that it had reached definitive agreement with New York-based MetLife Inc. for the sale of its American Life Insurance Company (ALICO) unit.

The sale of ALICO comes just one week after AIG announced a $35.5 billion deal to sell its AIA Group Limited (AIA) unit to London-based Prudential plc. If both deals close as scheduled, AIG will repay as much as $32 billion in cash to the Federal Reserve Bank of New York in the coming months.

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