Monday, March 01, 2010

AIG Sells Asian Life Unit to Prudential Plc for $35.5 Billion

According to Bloomberg, American International Group Inc (AIG) has agreed to sell an its Asian life insurance unit (AIA) with 20 million customers to Prudential Plc, Britain’s biggest insurer, for $35.5 billion. This M&A news has fuelled overall market sentiments in a positive way.

Slightly more than a month ago, Prudential also expressed interest and bought over Singapore's United Overseas Bank (UOB) life assurance unit. Prudential looks to have huge cash reserves.

AIG Sells Asian Life Unit to Prudential Plc for $35.5 Billion [via]

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