'AIG to sell Asian arm to Prudential for $35.5bn'

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.

OneIndia News