London, Mar 1: American International Group (AIG) has accepted a deal to sell its Asian arm, AIA, to British insurer Prudential for around 35 billion dollars.
According to sources, AIG, which was just recently considering a flotation of its Asian activities, finally agreed to let Prudential buy its Asian arm.
The deal would make Prudential the top non-Chinese global insurer by capitalisation, notably ahead of Allianz and Axa.
AIG was hard hit by the financial crisis and received more than 170 billion dollars in a taxpayer bailout.
In 2008, AIG tried to sell up to 49 percent of AIA through an auction process but had to drop the idea after failing to receive suitable offers.