TAIPEI, June 11, 2015 /PRNewswire/ -- American International Group, Inc. (NYSE: AIG) today announced that Nan Shan Life Insurance Co., Ltd. has agreed to purchase AIG Taiwan Insurance Co. Ltd.'s consumer and small to mid-size enterprise (SME) businesses for US$158 million (NT$4.923 billion).
The deal is expected to close in the second half of 2016, subject to necessary regulatory approvals.
This transaction reflects AIG's intent to focus on its robust commercial insurance presence in Taiwan, while realizing the value of its strong consumer operation through this divestiture to Nan Shan. AIG has a long-standing relationship with Nan Shan and the two companies expect to remain business partners in the future.
"After careful review, AIG has decided to concentrate on its commercial business here in Taiwan. This sale ensures our existing consumer and SME customers will continue to be supported by a leading insurer in Nan Shan," said Kian Tiong Lim, Country Manager of AIG Taiwan.
"AIG's ongoing commitment to serve commercial clients in Taiwan, from multinational companies to local businesses, is stronger than ever. This transaction should have no effect on our commercial clients," Mr. Lim said. "AIG will continue to leverage its underwriting expertise and multinational network to service its commercial operations with innovative products and customer-focused service in Taiwan."
Subject to the relevant regulatory approvals, AIG, through AIG Asia Pacific Insurance Pte. Ltd., will establish a branch office in Taipei to enhance its focus on commercial insurance operations, including property, casualty, financial lines, marine, and trade credit.
AIG Taiwan, which has operated for more than 50 years, is a leader in underwriting, distribution and marketing, and operates a strong network of strong commercial and consumer insurance relationships.
AIG Taiwan Insurance Co., Ltd. is part of the American International Group Inc.
American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
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