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On the brink of failure last month, AIG was bailed out when the government offered it an $85 billion loan during the ongoing credit crisis that saw Lehman Brothers Holdings Inc. (NYSE: LEH | Quote | Chart | News | PowerRating) file for bankruptcy protection and the sale of Merrill Lynch & Co. (NYSE: MER | Quote | Chart | News | PowerRating) to Bank of America Corp. (NYSE: BAC). In return for the loan, the government received warrants to purchase up to 79.9 percent of AIG.
As part of its effort to pay off a massive U.S. government loan, AIG has decided to unload Alico Japan, AIG Edison Life Insurance Co., and AIG Star Life Insurance Co., the company said late Friday.
AIG's Japan unit has not provided further details on the upcoming sales but said it will retain its casualty insurance operations, in line with the company's overall plan to refocus on its core property and casualty insurance businesses.
Shares of AIG fell 14 cents to close at $3.86, while shares of Bank of America fell $1.89 to close at $34.48 Friday.
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