MetLife, Axa bid for AIG’s life unit

Insurers have begun bidding for American Life Insurance Co., the life insurance unit of American International Group Inc.
FEB 24, 2009
Insurers have begun bidding for American Life Insurance Co., the life insurance unit of American International Group Inc., according to a report published today by Bloomberg. The troubled New York-based company is being forced to sell the division to repay some of the $150 billion it received from the federal government. So far, New York-based MetLife Inc. and Axa SA of Paris have made offers. MetLife’s preliminary bid was $11.2 billion, but that could drop to $8 billion, the report said. The amount of Axa’s bid wasn’t disclosed. AIG is seeking to sell two-thirds of its divisions.

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