AIG Expects $1.4b Loss On Nan Shan Life Unit Sale
Accepted to dispose the Nan Shan Life to Primus Financia and China Strategic Holdings for $2.15 billion
American International Group (AIG) has declared that it presumes a loss of about $1.4 billion on the disposal of its Taiwan-based Nan Shan Life Insurance, reported Reuters.
AIG had accepted to dispose the Nan Shan Life to two purchasers for $2.15 billion. It was considered as the largest sale since the US government bailout of AIG last year.
Reportedly, Primus Financial, and China Strategic Holdings are the buyers of Nan Shan Life.
AIG has stated that it hopes to meet the criteria for 'held-for-sale' accounting with respect to Nan Shan and recognise the loss, which is net of taxes, in the fourth quarter.
AIG is passing through a phase of restructuring as it is making every bit of effort to repay back to the US government. The government had to commit about $180 billion in taxpayer funds to help AIG to come out from the financial breakdown during the global economic turmoil.
Till now, AIG has declared deals to sell two dozen assets for over $11.9 billion.
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