AIG sells Taiwanese life business for over $2bn
by Gill Montia
Story link: AIG sells Taiwanese life business for over $2bn
American International Group (AIG) has agreed the sale its 97.57% stake in Nan Shan Life Insurance Company (Taiwan’s largest life insurer by total book value) to Ruen Chen Investment Holding, which is owned by Taiwan-based conglomerate, Ruentex Group.
Commenting on the $2.16 billion transaction, AIG’s president and chief executive officer, Robert Benmosche, says: “Ruen Chen has demonstrated that it is able and willing to invest in Nan Shan’s future, and that it will protect and serve the best interests of Nan Shan’s policyholders, employees and agents.”
The agreement includes a number of commitments to employees and agents, including an agreement to maintain existing compensation and benefits packages for employees and the firm’s existing agency commission structure.
Ruen Chen has also expressed its intention to retain the current Nan Shan management team.