AIG sells off life insurance premium finance

by Richard Kilner

Story link: AIG sells off life insurance premium finance

American International Group, Inc. (AIG) has announced that it has completed a deal with First Insurance Funding Corp. (FIFC) for the sale of a majority of the US life insurance premium finance business of AIG Credit Corp. and A.I. Credit Consumer Discount Company (A.I. Credit).

The deal, worth $679.5m in cash, could also involve FIFC purchasing an additional $61.2m of life insurance premium finance assets, should certain conditions be met.

AIG has been conducting a large number of asset sales for several months now, as part of the firm’s strategy to bolster its financial position and repay the US taxpayer.

Last week the firm sold off its Mexican consumer finance operations for an undisclosed sum.

In other AIG news, the firm has rebranded its UK operations as Chartis, and appointed Kristan Moor as president and chief executive officer.