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| October 02, 2008: AIG may sell domestic life insurance operations... |
Indications are that American International Group Inc. (AIG) may sell its North American life insurance subsidiaries to focus mainly on its profitable P&C operations. The goal is to generate sufficient liquidity to repay the outstanding balance of the loan from the Federal Reserve Bank, NY and to re-align its capital structure. As of mid week this week, AIG has drawn approximately $16-billion of the $85-billion credit line setup in mid-September of this year. AIG's P&C operations have generated approx. $40-billion in 2007.
According to recent reports, J.P. Morgan Chase & Company and the Blackstone Group L.P., NY are assisting AIG in its asset divestiture program.
E.&O.E.
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