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CIC in talks with AIG over unit acquisition: Report

(China Daily)
Updated: 2008-11-22 09:58

A consortium led by China's sovereign wealth fund is in talks with struggling US insurance giant American International Group (AIG) to acquire a stake in one of its units, a Japanese daily reported on Friday.

The purchase would open the door for future capital and business tie-ups between AIG and Chinese investors, paving the way for the Asian giant to become a major player in the global insurance market.

AIG and China Investment Corp aim to reach a conclusion by the end of this year, Nikkei business daily reported, without naming its sources.

AIG is said to be considering a sale of its American Life Insurance Co, or Alico, on condition that it gets to keep more than 50 percent of the firm.

The acquisition of a 49 percent stake would likely cost Chinese investors up to $10.5 billion, Nikkei said.

Alico has operations in more than 55 countries.

With Alico's Japan unit accounting for up to 70 percent of the company's entire insurance premium revenue, the deal would give China an effective entry into the Japanese insurance market.

Liu Lefei, China Life's chief investment officer, said investment opportunities are emerging overseas.

"I believe the uncertainties in the global market are easing and it will bottom out soon, due to the strong commitments made by a number of governments to save their economies," he said.

Liu said that some quality assets sold by bogged-down international financial giants, have good investment value.

"With some 100 billion yuan ($14.64 billion) cash in hand, we will actively seek such opportunities," he said.

China Life, the country's biggest life insurer, is one of the largest institutional investors.

Last month, AIG announced plans to sell "non-core" assets, likely including its three Japanese units - Alico Japan, AIG Edison Life Insurance and AIG Star Life Insurance.

AIG is believed to be narrowing down candidates for the sale by soliciting bids behind the scenes.

The US government has announced an expanded bailout for AIG of more than $150 billion, as the Treasury tapped into emergency funds originally set for banks.

The latest bailout plan, the largest in US history, came as AIG burned through billions of dollars of cash and reported a third-quarter loss of $24.47 billion.