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The two life insurance units will continue to bring substantial value to the company as a source of business revenue, according to AIG Japan. The decision will not have any effect on policyholders, the company said.
The growth potential of AIG Star and AIG Edison will offer the "greatest value" to the group, supported by the life units' financial strength, strong sales network and high level of services and products, said Robert Benmosche, chief executive officer of AIG, in a statement.
In September 2008, AIG announced a plan to merge AIG Star and AIG Edison in a bid to strengthen the life insurers' capital base, investment strategy and business expansion in Japan. That plan has since been on hold (BestWire, Nov. 3, 2008).
AIG Star and AIG Edison were established through AIG's acquisition of failed local insurance companies Chiyoda Mutual Life Insurance and Toho Mutual Life Insurance, respectively, in 2000 and 1999. The two life insurers mainly sell insurance products through sales agents.
In the 2008 fiscal year ended March 2009, AIG Star and AIG Edison reported net losses of 41.4 billion yen (US$460 million) and 128.9 billion yen, down from the previous year's net income of 5 billion yen and 8.9 billion yen, respectively (BestWire, May 29, 2009).
In the first quarter of the 2009 fiscal year starting in April, AIG Edison reported net income of 7.9 billion yen, while AIG Star experienced a loss of 1.56 billion yen (BestWire, Aug. 24, 2009).
In Japan, AIG has three life subsidiaries: AIG Star, AIG Edison and Alico Japan [84748].
In July, AIG said it will accelerate a plan to position Alico as an independent entity, and will seek an initial public offering and public listing in New York (BestWire, July 16, 2009).
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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