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Member, Beacon International Group, Ltd.
Since the federal government rescued American International Group Inc. with more than $180 billion in assistance, the New York-based holding company said it has sold off an estimated $25 billion to $30 billion in assets. The larger transactions include:
NOVEMBER 2008: AIG closed the sale of its 50% stake in Brazilian joint venture Unibanco AIG Seguros S.A. to joint venture partner Unibanco-Uniao de Bancos Brasileiros S.A. for $820 million.
MARCH 2009: AIG closed its sale of HSB Group Inc., parent of Hartford Steam Boiler Inspection & Insurance Co., to Munich Re Group for $739 million and the assumption of $75 million of outstanding HSB capital securities.
MAY 2009: AIG completed the sale of its Tokyo headquarters to Nippon Life Insurance Co. for about $1.2 billion in cash.
JULY 2009: AIG generated $1.9 billion in closing the sale of its U.S. auto insurance business, 21st Century Insurance Group, to Farmers Group Inc. It also completed the sale of a majority of AIG Credit Corp.'s and A.I. Credit Consumer Discount Co.'s U.S. life insurance premium finance business for $680 million, including $230 million held in escrow and an additional $61.2 million if certain future conditions are met.
MARCH 2010: AIG announces a definitive agreement to sell American Life Insurance Co. to MetLife Inc. for approximately $15.5 billion, including $6.8 billion in cash and the rest in equity securities, to MetLife Inc., subject to closing adjustments.
APRIL 2010: AIG and International Lease Finance Corp. say ILFC entered into an agreement to sell 53 aircraft for nearly $2 billion to Macquarie Aerospace Ltd., an indirect subsidiary of Macquarie Group Ltd.
SEPTEMBER 2010: AIG announces a definitive agreement to sell its Japan-based life insurance subsidiaries, AIG Star Life Insurance Co. Ltd. and AIG Edison Life Insurance Co., to Prudential Financial Inc. for $4.8 billion.
Sources: Business Insurance; American International Group Inc.